Karachi (Date): The State Bank of Pakistan (SBP) has revoked the authorization of M/s Al Sahara Exchange Company (Pvt.) Ltd. to deal in foreign exchange business, following the company’s own request for closure of its operations.
According to the central bank, the revocation has taken effect from the date of closure of the company’s operations. Consequently, M/s Al Sahara Exchange Company (Pvt.) Ltd. is no longer authorized to carry out any type of foreign exchange business activities.
The development comes after the company voluntarily approached the SBP for revocation of its authorization. This is distinct from recent SBP actions against other exchange companies, where authorizations were cancelled due to serious violations of regulatory instructions.
This revocation is in line with SBP’s regulatory framework governing exchange companies and aims to maintain discipline and transparency in the foreign exchange market.
Note: Members of the public and stakeholders are advised that M/s Al Sahara Exchange Company (Pvt.) Ltd., including its head office and any branches (if operational), is prohibited from undertaking any foreign exchange-related transactions henceforth.