The State Bank of Pakistan has cancelled the authorizations/licenses of two exchange companies with immediate effect.
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M/s Dream Exchange (Private) Limited and M/s Al Raj International Exchange Company (Private) Limited were found involved in serious violations of SBP’s regulatory instructions.
Twin Blow to Exchange Sector on Same Day
Both companies, including their head offices and all branches, are now strictly prohibited from undertaking any foreign exchange related business activities in any capacity.
This includes currency exchange, remittances, and allied services. The action was announced through two separate press releases on Tuesday, March 24, 2026.
It reflects SBP’s zero-tolerance policy towards non-compliance in the foreign exchange market.
Strengthening Oversight in Remittance and Forex Business
Al Raj International Exchange Company, headquartered in Rawalpindi, had been operating for over 20 years with branches in multiple cities including Raja Bazar and Sadiqabad.
It offered foreign currency exchange and home remittance services. Dream Exchange (Private) Limited was also an active player in the sector, though details of its network remain limited in public records.
Both firms were previously listed as authorized exchange companies by the central bank. Analysts say these back-to-back cancellations are part of SBP’s ongoing drive to clean up the forex sector.
The regulator aims to protect public interest, ensure transparency, and maintain stability in foreign exchange dealings. Customers with pending transactions or accounts at either company are advised to contact the State Bank of Pakistan for guidance.
No new foreign exchange business can be conducted by these entities anymore. This latest move brings the total number of license cancellations by SBP in recent months to several, signaling continued regulatory tightening.