KARACHI: The State Bank of Pakistan (SBP) has suspended the authorization of an Exchange Company categorized as ‘B,’ known as M/s Usman International Exchange Company –B (Pvt) Limited, with immediate effect and until further notice. This suspension encompasses the company’s head office and all of its branches, prohibiting them from conducting any form of business activity during this suspension period.
The SBP has undertaken this decisive measure due to serious violations of the SBP’s regulations and instructions by M/s Usman International Exchange Company –B (Pvt) Limited. While the SBP has not provided specific details regarding the nature of these violations, it emphasizes the severity of the breach, which prompted the immediate suspension of the company’s authorization.
The primary objective behind this action is to ensure compliance with financial regulations and to uphold the integrity of the financial system in Pakistan.
