SBP Cancels Al-Rahim Exchange Company License

KARACHI: The State Bank of Pakistan (SBP) has revoked the authorization of Al-Rahim Exchange Company (Pvt.) Limited with immediate effect, citing serious breaches of the central bank’s regulatory requirements.

In a press release issued on August 17, the central bank confirmed that the cancellation covers Al-Rahim Exchange Company’s head office as well as all of its constituent branches.

Following the withdrawal of its authorization, the exchange company is no longer permitted to conduct any form of foreign exchange-related business or activity, regardless of capacity, the SBP stated.

The central bank, however, did not disclose specific details about the regulatory violations allegedly committed by the exchange company or explain which particular instructions were breached.

The SBP’s decision effectively brings the company’s authorized foreign exchange operations to an immediate halt across its entire branch network.