SBP Cancels License of Money Masters Currency Exchange

The State Bank of Pakistan said Tuesday that it has cancelled the authorization/license of Money Masters Currency Exchange Company (Pvt.) Limited with immediate effect due to what it described as serious violations of its regulatory instructions. The cancellation means the company, including its head office and all branches, is no longer permitted to conduct any foreign exchange business in the country, according to the central bank. The regulator has in recent months intensified action against exchange companies found breaching its rules, as part of efforts to strengthen oversight of the foreign exchange market.