SBP Suspends Authorization of Several Exchange Companies

The State Bank of Pakistan (SBP) has suspended, with immediate effect, the authorization of eleven (11) outlets of eight (08) Exchange Companies, for seven (07) to fifteen (15) days due to violations of regulatory instructions.

SBP conducted mystery shopping at the outlets of exchange companies wherein it was observed that the aforesaid outlets were refusing sale of foreign currencies to their customers despite having availability of the same at their counters

All eleven (11) outlets have been restricted from undertaking any kind of business activity during the suspension period.

Link to Press Release: https://www.sbp.org.pk/press/2023/Pr2-23-Jan-2023.pdf.

In other news, the SBP has relaxed import restrictions for essential items like food, pharmaceutical, energy, etc. and instructed banks to prioritize their import.

Read more: SBP Relaxes Import Restrictions For Essential Goods.

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