Pakistan
State Bank restricts eight currency exchange companies from business for hoarding dollars
Central Bank suspended permits of 11 outlets belonging to these companies for up to two weeks
The State Bank of Pakistan (SBP) has taken action against eight exchange companies for hoarding dollars and refusing to sell to customers despite the availability of the currency.
The central bank has banned any kind of business activities for these companies for 15 days.
Additionally, the SBP has suspended the permits of 11 outlets belonging to these companies.
The permits of the 11 outlets concerned will remain suspended for a period of seven to 15 days.
This action was taken after the central bank received complaints from customers that the exchange companies were refusing to sell dollars to them despite the availability of the currency.
It conducted an investigation and found that the companies were hoarding dollars, thereby causing a shortage in the market and resulting in a black market for the currency.
The SBP has warned that such actions by exchange companies are not only illegal but also detrimental to the economy.
It has also advised customers to approach the central bank in case of any discrepancies in the exchange rate or any other issues related to currency exchange.
In light of these recent developments, the SBP has emphasized that it will continue to take strict action against any exchange companies found to be involved in illegal activities and hoarding of dollars.
It has also urged customers to report any suspicious activity to the central bank.
