The State Bank of Pakistan (SBP) has suspended, with immediate effect, the authorization of two Exchange Companies, namely, Orient Exchange Company-B (Pvt.) Limited and Best Way Exchange Company-B (Pvt.) Limited.
According to the details, the SBP has suspended both of the these exchange companies for a period of three months due to serious violation of regulatory authority instructions.
The State Bank of Pakistan (SBP) has advised both the companies to strengthen their Internal Control Functions and submit a report, of corrective measures to be taken in this regard, to the central bank.
Meanwhile, both Exchange Companies, their head Offices, all branches and outlets have been restricted from undertaking any kind of business activity during the suspension period.
Read more: Dollar Rate in Pakistan (Daily Updates).