SBP Grants Operational License to Askari Currency Exchange. The State Bank of Pakistan (SBP) has granted an operational license to Askari Currency Exchange (Pvt.) Limited, a wholly-owned subsidiary of Askari Bank Limited (PSX: AKBL). This announcement was made in the bank’s filing on the local stock exchange.
The license issuance by the SBP follows the prior granting of the Certificate of Incorporation to the exchange company by the Securities and Exchange Commission of Pakistan (SECP).
Askari Bank Limited had announced on October 27, 2023, that its Board approved the establishment of the Exchange Company as a fully owned subsidiary with an authorized share capital of Rs1 billion. This move aligns with recent SBP reforms aimed at allowing banks engaged in foreign exchange to establish their own Exchange Companies to address the foreign exchange needs of the public.
The central bank’s action addresses regulatory issues previously observed in the operations of Exchange Companies.
