The State Bank of Pakistan has revoked the authorization of Riaz Exchange Company (Pvt.) Ltd. to conducting foreign exchange business after the company voluntarily shut down its operations.
According to a statement issued by the central bank, the authorization was withdrawn following a formal request from the company. As a result, the firm is no longer allowed to carry out any foreign exchange transactions.
Pakistan’s foreign exchange sector has undergone several reforms over the past two years. These include tighter regulatory oversight of exchange companies and measures aimed at curbing illegal currency trading.
The State Bank has also encouraged consolidation within the sector and stricter compliance with regulatory requirements. Officials say these steps are intended to strengthen formal currency channels, increase transparency in foreign exchange transactions, and support broader efforts to stabilize Pakistan’s external sector and maintain exchange rate stability.
