The State Bank of Pakistan (SBP) has cancelled M/s. PBS Exchange Company (Pvt.) Limited’s authorization/license.
In a brief statement issued on Monday, the central bank stated that the measure was taken in response to the company’s violations of applicable laws and regulations.
SBP cancelled M/s. PBS Exchange
It went on to say that the aforementioned exchange company, including its headquarters and outlets, could no longer conduct any foreign exchange-related business.
The SBP’s decision to revoke the licence is consistent with its regulatory responsibilities to enforce compliance among financial institutions. The SBP has not disclosed specific details about the violations.
Following this decision, PBS Exchange Company must suspend all foreign exchange transactions immediately.
The cancellation of its licence demonstrates the SBP’s commitment to maintaining regulatory standards and ensuring the financial sector’s stability.
M/s PBS Exchange Company has not responded to the revocation of their licence as of the time of this report.
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