SBP suspends license of exchange firm


The State Bank of Pakistan (SBP) has debarred M/s World Express Exchange Company-B (Pvt.) limited from undertaking any kind of business activity. The central bank has, with immediate effect, suspended the license of the Karachi-based exchange firm to deal in sale and purchase of foreign currency notes and coins till further orders, on account of violations of SBP rules and regulations.
The regulator has advised the company’s head office and its branches in this metropolis not to carry out any transaction till further orders as it would attract more severe penal action under the rules.