The State Bank of Pakistan has suspended the authorisation of Royal International Exchange Company (Pvt) Limited till further orders on violations of rules and regulations, the central bank said in a statement.
“The Exchange Company, its head office, branches, franchises and payment booths have been debarred from undertaking any kind of business activity during the suspension period,” it added.
It is the second company the central bank debarred from undertaking any kind of business activity in September as it suspended the authorisation of Usman International Exchange Company –B (Pvt) Limited till further orders on September 8.
The SBP introduced structural reforms in the Exchange Companies’ sector to strengthen governance, internal controls, and compliance culture in the sector.
