On Friday, the State Bank of Pakistan (SBP) took swift action by immediately suspending the authorization of Royal International Exchange Company (Pvt) Limited until further notice, as indicated in a press release from the Central Bank’s external communications department.
The suspension was a direct response to the serious violations of SBP’s regulations and instructions committed by the mentioned company. Furthermore, this suspension encompasses both the company’s head office and all of its branches, prohibiting them from engaging in any business activities throughout the suspension period.
The SBP has undertaken this resolute measure to ensure strict adherence to financial regulations and to safeguard the integrity of the financial system.
Latest posts by News Desk (see all)
- World Bank emphasize Sustainable Economic Reforms - October 4, 2023
- Petroleum Sales decline 31 percent YoY in September 2023 - October 4, 2023
- Cement sales rises 23 percent in 1QFY2024 - October 4, 2023
