KARACHI: The State Bank of Pakistan (SBP) has revoked the license of M/s Muhammadi Exchange Company (Pvt.) Ltd., effectively ending its authorization to conduct any foreign exchange business in the country.
According to an official statement issued on Friday, the central bank announced that the company’s authorization stands canceled with immediate effect upon the closure of its operations.
As a result, Muhammadi Exchange Company is no longer permitted to buy, sell, or engage in any foreign currency transactions.
The SBP has also advised the general public to avoid dealing with the firm in any foreign exchange matters, warning that the company no longer holds a valid license to operate in this sector.
The central bank has been tightening its oversight of exchange companies in recent months, taking action against those found in violation of regulatory or anti-money laundering requirements.
