In a recent announcement, MEBL has revealed its intention to create an Exchange Company, a strategic decision likely influenced by recent structural reforms introduced by the State Bank of Pakistan. This strategic move was deliberated upon and approved by MEBL’s Board of Directors, pending regulatory approval.
The primary objective behind MEBL’s establishment of this wholly-owned subsidiary Exchange Company, with an initial capital of PKR 1 billion, seems to align with recent regulatory changes implemented by the SBP within the Exchange Companies sector.
These reforms are intended to encourage banks, especially those heavily involved in foreign exchange activities, to establish specialized Exchange Companies. Furthermore, these reforms aim to improve the efficiency and resilience of the foreign currency exchange sector in Pakistan. In pursuing this course of action, MEBL aims to enhance the accessibility and seamlessness of foreign exchange services for the public, aligning with the broader objectives of the SBP’s reform initiatives, in our assessment.
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