SBP Revokes License Of Riaz Exchange Company

The State Bank of Pakistan (SBP) has formally withdrawn the authorization granted to Riaz Exchange Company (Pvt.) Ltd. to operate as a foreign exchange dealer after the company requested permission to discontinue its business operations.

In an official statement released by the central bank’s External Communications Department, SBP confirmed that the revocation of authorization has become effective from the date the company stopped its operational activities.

According to the statement, the company itself approached the regulator seeking closure of its exchange business. Following the request, the SBP cancelled its license to deal in foreign exchange transactions.

The central bank emphasized that, as a result of this decision, Riaz Exchange Company (Pvt.) Ltd. is no longer permitted to engage in any activity related to the foreign exchange market in Pakistan.

SBP further clarified that the company’s regulatory authorization has been terminated entirely, which means it cannot undertake currency exchange services or conduct any transactions involving foreign exchange going forward.

Exchange companies in Pakistan function under licenses issued and supervised by the State Bank of Pakistan. These entities are authorized to provide services such as currency exchange and foreign exchange transactions within the regulatory framework established by the central bank.

With the cancellation of its authorization, Riaz Exchange Company (Pvt.) Ltd. has effectively exited the regulated exchange company sector and will no longer operate as a licensed foreign exchange business in the country.