KARACHI, November 15, 2024: The State Bank of Pakistan (SBP) has taken strict action against M/s Islamabad Exchange Company (Pvt.) Limited, suspending its authorization with immediate effect due to violations of SBP’s rules and regulations.
As a result of this suspension, the exchange company, along with its head office and authorized branches, has been barred from carrying out any business activities during the suspension period.
This decisive measure underscores the central bank’s commitment to ensuring compliance with regulatory frameworks and maintaining transparency and integrity in Pakistan’s financial system.
Further details regarding the duration of the suspension or the specific nature of the violations have not been disclosed yet. The SBP is expected to monitor and review the situation closely.
