KARACHI:State Bank of Pakistan has suspended the authorization of Orient Exchange Company-B (Pvt.) Limited and Best Way Exchange Company-B (Pvt.) Limited.
Serious violations of regulatory instructions by the companies forced the Central Bank for the suspension which will be effective for next three months, said SBP news release on Friday.
SBP has advised both the companies to strengthen their internal control functions and submit to it a report of corrective measures to be taken in this regard.
Both Exchange Companies, their Head Offices, all branches/outlets have been restricted from undertaking any kind of business activity during the suspension period.