The State Bank of Pakistan (SBP) has revoked the foreign exchange licenses of two prominent exchange companies, namely Capital Exchange Company-B (Pvt.) Ltd. and Gohar Exchange Company-B (Pvt.) Ltd.
According to a statement issued by the central bank on Thursday, these companies are no longer authorized to conduct foreign exchange business in the country.
The central bank said that it took this decision after a thorough investigation into the affairs of these companies. According to the SBP, both companies were found to be involved in serious irregularities and violations of foreign exchange regulations.
This move by the SBP is part of its ongoing efforts to regulate the foreign exchange market in Pakistan and to crack down on illegal and fraudulent activities.
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