The State Bank of Pakistan (SBP) on Tuesday cancelled the licences of two exchange companies over regulatory breaches.
In a statement, the central bank said that the authorisations of Dream Exchange (Private) Limited and Al Raj International Exchange Company (Private) Limited were withdrawn due to serious violations of SBP’s regulatory instructions.
As a result, both companies including their head offices and all branches have been barred from carrying out any foreign exchange business activities in any capacity.
