KARACHI: The State Bank has tightened the supervision of foreign exchange operations of exchange companies and banks. went.
State Bank of Pakistan increased supervision of exchange companies and banks. State Bank has started inspections of several exchange companies and banks from Monday (August 1, 2022).
On Tuesday (August 2, 2022), the State Bank suspended the operations of four branches of two exchange companies (Galaxy Exchange Company and Al Hameed International Exchange Company) for violating SBP regulations. Some time ago, the State Bank also imposed fines on some exchange companies. were imposed.
The arrangements of 13 franchises of various exchange companies were terminated some time ago for violating the instructions of State Bank. State Bank has also started ‘mystery shopping’ operation on complaints of non-sale of foreign currency to customers. A meeting of Exchange Companies Association of Pakistan has also been called on August 4, 2022.
The State Bank has said that if necessary, the State Bank will tighten its enforcement measures against exchange companies and banks in the light of ongoing inspections and mystery shopping findings.
