KARACHI: The State Bank of Pakistan (SBP) has decided to amend its instructions relating to renewal of exchange companies’ licences.
According to a circular, the central bank drew attention of exchange companies to “instructions contained in FE circular No. 2 dated April 20, 2012 in terms of which duration of licence of exchange companies was linked with the inspection rating of the respective exchange company”. Licences of exchange companies shall be renewed for five years from the date of expiry of the licence, the SBP said.
However, licence shall be renewed after giving due consideration to SBP’s inspection report, compliance status, corporate governance and financial health of the exchange company.
