KARACHI: The State Bank of Pakistan (SBP) has cancelled the authorization of Al Raj International Exchange Company (Private) Limited with immediate effect after determining that the company had committed serious violations of the central bank’s regulatory instructions.
In an official statement, the SBP said the exchange company, including its head office and all of its branches, has been prohibited from conducting any foreign exchange-related business activities in any capacity following the revocation of its licence.The central bank did not provide further details about the nature of the violations but reiterated that all exchange companies are required to strictly comply with applicable regulations and operational guidelines to ensure transparency and stability in the foreign exchange market.
The action is part of the SBP’s ongoing regulatory oversight and enforcement measures aimed at strengthening compliance and safeguarding the integrity of Pakistan’s foreign exchange market.
Copyright Business Recorder, 2026