KARACHI: The State Bank of Pakistan (SBP) has suspended authorisation of two exchange companies, namely Orient Exchange Company-B (Pvt.) Limited and Best Way Exchange Company-B (Pvt.) Limited, for three months on “serious violations of regulatory instructions”.
Suspending the authorisation with an immediate effect, the central bank advised both the companies to strengthen their internal control functions and submit a report, of corrective measures to be taken in that regard, according to a statement issued by the SBP on Friday.
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The central bank restricted the said exchange firms, their head offices, and all branches/outlets from undertaking any kind of business activity during the suspension period.
