The State Bank of Pakistan (SBP) has asked two exchange companies to strengthen their internal control functions and submit a report of remedial measures.

The bank issued the instruction while suspending the authorization of two exchange companies for three months due to violations of regulatory instructions. The exchanges are Swiss International Exchange Company-B (Pvt.) Limited and Great Union Exchange Company-B (Pvt.) Limited, according to a press release.

The Swiss International Exchange Company’s Branch at Shop No 32 and 33, Tahir Center near Jahangir Park in Saddar Karachi and Great Union Exchange Company’s Branch No 8 located at Shop No 33, Mall Plaza, Saddar, Rawalpindi Cantt have been penalized. Both companies, their head offices, branches or outlets have been restricted from undertaking any kind of business activity during the suspension period.

Credit : Independent News Pakistan-WealthPk