SBP cancels Al-Rahim Exchange Company’s licence over regulatory violations

Business Recorder reported that the State Bank of Pakistan has revoked the authorisation of M/s Al-Rahim Exchange Company (Pvt.) Limited, with the decision taking effect straight away. A statement released on Monday cited serious breaches of its rules.

The cancellation reaches the company's head office and every one of its branches, so no part of the operation is exempt. Afterwards, the firm is no longer allowed to conduct any foreign currency dealings, in any form whatsoever.

The SBP has not yet specified which violations led to the decision. Its statement offered no further explanation of the breaches. No PSX-listed company is named in the report, so the action affects no listed stock directly. Readers should note that the report is based solely on the SBP statement.