The State Bank of Pakistan (SBP) has canceled the authorization and license of Al Rahim Exchange Company (Pvt.) Limited with immediate effect over serious violations of the central bank’s regulatory instructions.
Following the cancellation, the exchange company has been prohibited from conducting any foreign exchange-related business activities in any capacity.
The prohibition applies to Al Rahim Exchange Company’s head office as well as all of its constituent branches, effectively ending the company’s authorized foreign exchange operations.
SBP did not provide further details about the specific regulatory violations that led to the cancellation in its notice.
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