Another exchange loses licence over violations

KARACHI:

The State Bank of Pakistan (SBP) has cancelled the authorisation of M/s Time Exchange Company (Pvt) Limited with immediate effect due to serious violations of its regulatory instructions, according to a statement issued on Monday.

The central bank said the exchange company, including its head office and all branches, has been prohibited from undertaking any foreign exchange-related business activities in any capacity.

The latest action is part of a broader regulatory crackdown on exchange companies. Since the start of 2026, the SBP has cancelled the licences of several exchange companies over regulatory breaches, including Dream Exchange (Private) Limited, Al Raj International Exchange Company (Private) Limited and Glaxy Exchange (Private) Limited. Separately, the authorisations of Al Sahara Exchange Company (Pvt) Ltd and Riaz Exchange Company (Pvt) Ltd were revoked earlier this year following requests from the companies after the closure of their operations.

The SBP has intensified oversight of the exchange company sector in recent years to strengthen compliance with foreign exchange regulations, curb illegal currency trading and improve transparency in the market. Meanwhile, the Pakistani rupee edged up 0.01% against the US dollar, closing at 278.22 in the interbank market after gaining Rs0.03. The local currency had ended Friday at 278.25, while global dollar sentiment remained firm amid renewed uncertainty over US-Iran tensions.

Gold prices in Pakistan increased, following gains in the international market, as bullion recovered from a more than one-week low amid easing oil prices and shifting inflation expectations after progress in US-Iran peace talks.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the gold price per tola rose by Rs4,643 to reach Rs442,636. Similarly, the price of 10-gram gold increased by Rs4,179 to Rs378,345.