SBP bans two exchange companies for violations
The State Bank of Pakistan (SBP) on Monday suspended the authorisation of two exchange companies with immediate effect. The SBP suspended the authorisation of Al-Sahara Exchange Company (Pvt) Ltd for three months on account of serious violations of the regulations and instructions. “The exchange company, its head office, branches, franchises have been debarred from undertaking any kind of business activity during the suspension period,” said the SBP. The central bank also suspended the authorisation of Premier Exchange Company–B (Pvt) Ltd till further orders on account of serious violations of SBP regulations. All B and C category exchange companies have been asked to merge with A category or stop functioning. Rupee gains 90 paise; The rupee appeared stronger again in both interbank and open markets as it gained up to 90 paise against the US dollar. The dollar settled at Rs290.86 against Rs291.76 the previous day, reported the SBP. The Exchange Companies Association of Pakistan reported the closing price of the dollar at Rs293 against Rs293.50, showing a decline of 50 paise.