KARACHI: The State Bank of Pakistan (SBP) has cancelled the authorization and license of Time Exchange Company (Pvt.) Limited with immediate effect over what it described as serious violations of the central bank’s regulatory instructions.
In an official statement issued on Sunday, the SBP announced that the company, including its head office and all branch operations, has been barred from conducting any foreign exchange-related business activities across the country.
The central bank said the action was taken following the identification of significant breaches of its regulatory framework governing exchange companies. However, it did not provide specific details regarding the nature of the violations.
With the cancellation of its license, Time Exchange Company is no longer authorized to buy, sell, transfer, or deal in foreign currency transactions in Pakistan.
The decision effectively removes the company from the country’s regulated foreign exchange market and prohibits it from offering any exchange-related services to customers.
The latest enforcement action reflects the SBP’s continued efforts to strengthen oversight of exchange companies and ensure compliance with anti-money laundering, customer due diligence, and foreign exchange regulations.
Over the past few years, the central bank has tightened supervision of exchange companies as part of broader reforms aimed at improving transparency and safeguarding the integrity of Pakistan’s financial system.
Financial sector analysts note that strict regulatory enforcement is considered essential for maintaining confidence in the foreign exchange market and preventing unauthorized or non-compliant activities.
Customers who previously conducted transactions through Time Exchange Company may need to approach other licensed exchange companies or authorized financial institutions for foreign currency services.
The SBP has advised the public to deal only with duly authorized exchange companies operating under its regulatory framework.
The cancellation underscores the central bank’s commitment to enforcing compliance standards and taking action against institutions found in violation of regulatory requirements.
