KARACHI: The State Bank of Pakistan (SBP) just took strict regulatory action recently. SBP officially cancelled the authorization and license of M/S Al-Rahim Exchange Company (Pvt.) Limited with immediate effect. M/S Al-Rahim Exchange Company (Pvt.) Ltd. is an ‘A’ category money exchange company in Pakistan established in 2004. Headquartered in Karachi, it operates an extensive branch network across major cities to provide foreign currency exchange and remittance services.
The central bank made this decisive move due to serious violations of its regulatory instructions. SBP confirmed these breaches in a press release issued earlier today. The official statements do not specify the exact nature of these violations. Nevertheless, the regulatory body deemed the infractions severe enough to instantly revoke the company’s operating license.
Following the license cancellation by SBP, Al-Rahim Exchange Company faces a total halt of its core business. Consequently, Al-Rahim Exchange Company is now strictly prohibited from conducting any foreign exchange-related activities.
Furthermore, this strict ban applies in any capacity whatsoever. Importantly, the restriction covers the company’s main head office and immediately shuts down all foreign exchange operations across every single constituent branch.
