SBP revokes licences of three exchange firms

The State Bank of Pakistan (SBP) on Tuesday suspended the licences of three prominent exchange companies. “The authorisation of AA Exchange Company (Pvt) Ltd, Glaxy Exchange Company (Pvt) Ltd and Al-Hameed International Money Exchange (Pvt) Ltd has been suspended with immediate effect on account of serious violation of regulations and instructions,” said the SBP circular. “All the aforementioned exchange companies, their head offices and all outlets have been debarred from undertaking any kind of business activity during the suspension period,” it added.