Five exchange firms suspended

The State Bank of Pakistan (SBP) on Wednesday suspended licences of five B-category exchange companies.

A statement issued by the SBP announced the suspension of licences, which is a part of the move to close down the entire businesses of B and C category exchange companies.

Commercial banks are being encouraged to open their own exchange companies.

At least four major banks have opened exchange companies.

International Exchange Company (Pvt) Ltd, World Wide Exchange Company (Pvt) Ltd, World Exchange Company (Pvt) Ltd, Universal Exchange Company (Pvt) Ltd, and United Exchange Company (Pvt) Ltd have been debarred from undertaking any kind of business activity during the suspension period.