Karachi : The State Bank of Pakistan has suspended the authorization of Exchange Company namely M/s
Islamabad Exchange Company (Pvt.) Limited with immediate effect till further orders, upon violations
of SBP rules and regulations.
The Exchange Company, its head office and authorized branches have been debarred from undertaking
any kind of business activity during the suspension period.
SBP suspends Forex Exchange Companies for violating its rules but it later restores their operations on one pretext or another.
SBP maximum imposes penalty on rogue Forex Exchange Companies but its amount is so negligible that it does not stop Forex companies for going to illegal trade of currencies.
