Exchange company: State Bank suspends licence

SBP has barred World Express Exchange Company-B Limited of Karachi from undertaking any kind of business activity.

KARACHI: The State Bank of Pakistan (SBP) has barred World Express Exchange Company-B (Private) Limited of Karachi from undertaking any kind of business activity. In an announcement on Wednesday, SBP said it had suspended, with immediate effect, the authorisation and licence of World Express Exchange Company to deal in sale and purchase of foreign currency notes and coins till further orders on account of violations of SBP rules and regulations. The company’s head office and all its branches in Karachi have been advised not to carry out any transaction till further orders as it will attract more severe penal action under the rules.

Published in The Express Tribune, October 27^th, 2011.