KARACHI : Nov 19,2022: The State Bank of Pakistan (SBP) has suspends the authorization of M/s Orient Exchange Company-B
(Pvt) Limited and M/s Best Way Exchange Company-B (Pvt) Limited.
SBP has suspended, with immediate effect the authorization of two
exchange companies– Orient Exchange Company-B (Pvt.) Limited and Best Way Exchange
Company-B (Pvt.) Limited for three months due to serious violations of regulatory instructions.
SBP has
advised both the companies to strengthen their Internal control functions and submit a report, of
corrective measures to be taken in this regard, to SBP.
Both exchange companies, their head offices, all branches/outlets have been restricted from
undertaking any kind of business activity during the suspension period.
Earlier, SBP had suspended the authorization of another exchange company of ‘B’ category.
In its order dated October 27 last SBP announced to suspend with immediate effect the authorization of M/s Mega Currency Exchange Company –B (Pvt) Limited till further orders due to
serious violations of State Bank’s regulations and instructions.
The exchange company –B category, its head office and all branches have been debarred from
undertaking any kind of business activity during the suspension period.