KARACHI: The State Bank of Pakistan (SBP) cancelled the authorization and licenses of two exchange companies after finding serious violations of its regulatory instructions.
In separate statements, the central bank said the licenses of M/s Dream Exchange (Private) Limited and M/s Al Raj International Exchange Company (Private) Limited had been revoked with immediate effect.
The SBP stated that the action was taken due to serious breaches of regulatory requirements, underscoring its ongoing efforts to strengthen oversight of the foreign exchange sector and enforce compliance with financial regulations.
Consequently, both companies, including their head offices and all constituent branches, have been prohibited from undertaking any foreign exchange related business activities in any capacity, effective immediately.
The move forms part of the central bank’s broader regulatory enforcement drive aimed at ensuring transparency, financial discipline, and stability in Pakistan’s currency exchange market.
