KARACHI: The State Bank of Pakistan (SBP) on Friday announced to suspend the Authorization of two Exchange Companies of B category for violation of regulatory instructions.

According to SBP order, Exchange Companies, their head offices, all branches/ outlets have been restricted from undertaking any kind of business activity during the suspension period.

The State Bank has suspended, with immediate effect, the authorization of two Exchange Companies, namely, Orient Exchange Company-B (Pvt.) Limited and Best Way Exchange Company-B (Pvt.) Limited for three months due to serious violations of regulatory instructions.

SBP has advised both the companies to strengthen their Internal Control Functions and submit a report, of corrective measures to be taken in this regard, to SBP.

The State Bank, taking a number of measures to control the volatility, recently launched the introduced Whistle Blowing Forum for identification of Unauthorized Foreign Exchange Activities by Public.

If a person faces any issue in dealing with exchange companies, he/ she may share the concerns at with SBP. Examples of such issues may include but are not limited to sale/ purchase of foreign currency notes by Exchange Companies issuing receipts which are not system generated, charging exorbitantly high exchange rate over those displayed on the notice board, denial of genuine requests of the customer for provision of foreign currencies, etc.

In addition, SBP with the collaboration of FIA has announced to take action against the manipulators of exchange market. These steps are likely to keep the exchange rate at its real value.

Copyright Business Recorder, 2022