Karachi, September 2: The State Bank of Pakistan (SBP) has revoked the authorization of Money Masters Currency Exchange Company (Pvt.) Limited, citing “serious violations” of regulatory instructions.
In a statement issued Tuesday, the central bank said the cancellation takes effect immediately, meaning the company, including its head office and all branches, is no longer allowed to conduct any foreign exchange business in Pakistan.
The SBP has in recent months tightened its monitoring of the exchange sector, intensifying action against companies found flouting rules. The move is part of broader efforts to strengthen oversight of the foreign exchange market and ensure compliance with anti-money laundering and financial integrity standards.
The regulator has repeatedly warned exchange companies that any deviation from prescribed guidelines will lead to strict action, including suspension or outright cancellation of licenses.