The State Bank of Pakistan (SBP) shut down four branches of two different foreign exchange companies on Wednesday. According to details, the SBP has shut down four branches of two different foreign exchange companies citing irregularities in transactions. The SBP had fined multiple companies and shut down 13 franchises of different exchange companies some days back. In a statement released on Wednesday, the SBP said that it has increased monitoring of transactions due to fluctuations in the currency rates. The statement read, In view of recent volatility in the exchange rate and the difference between the interbank rate and the rate offered by Exchange Companies (ECs) and banks to their customers, State Bank of Pakistan (SBP) has increased the monitoring of the foreign exchange operations of ECs and banks.

Credit:
Independent News Pakistan-INP