The State Bank of Pakistan (SBP) on Wednesday suspended the authorization of three foreign exchange companies on account of serious violations of regulations and instructions.

In a statement, the State Bank stated that authorization of the three exchange companies has been suspended till further orders on account of serious violations of SBP regulations.

The exchange companies include M/s AA Exchange Company (Pvt.) Limited, M/s Glaxy Exchange Company (Pvt.) Limited and M/s Al-Hameed International Money Exchange (Pvt.) Limited.

Following SBP action, the head offices and all outlets of the above-mentioned companies have not been allowed from undertaking any kind of business activity during the suspension period.

The directive is part of State Bank's ongoing efforts to ensure integrity and compliance of financial institutions operating within the country.

#SBP has suspended the authorization of following Exchange Companies on account of serious violation of State Bank’s regulations and instructions.
1⃣ AA Exchange Company
2⃣ Glaxy Exchange Company
3⃣ Al-Hameed International Money Exchangehttps://t.co/Bvre3A3HSo pic.twitter.com/iCbTQdSb8G

— SBP (@StateBank_Pak) February 14, 2024