KARACHI: The State Bank of Pakistan (SBP) has cancelled the authorization of Al Raj International Exchange Company (Private) Limited with immediate effect, citing serious violations of the central bank’s regulatory instructions.
In a statement issued on Tuesday, the SBP said that following the cancellation, the exchange company, including its head office and all branches, has been prohibited from undertaking any foreign exchange-related business activities in any capacity.
The central bank did not disclose specific details of the violations but emphasized that exchange companies are required to strictly comply with regulatory requirements and prudential guidelines to ensure transparency and stability in the foreign exchange market.
The move is part of the SBP’s broader efforts to strengthen oversight of the exchange company sector and curb irregularities in foreign currency transactions across the country.
Copyright Business Recorder, 2026