KARACHI: The State Bank of Pakistan (SBP) on Friday cancelled the licence of another exchange company over serious violations of regulatory instructions, a move currency dealers say is part of a broader plan to give more space to bank-owned exchange companies.

At least three exchange companies lost their licences in 2025, while Glaxy Exchange became the first casualty of 2026.

“The State Bank has, with immediate effect, cancelled the authorisation/licence of M/s Glaxy Exchange (Private) Limited on account of serious violations of SBP’s regulatory instructions. The exchange company, including its head office and outlets, can no longer undertake any kind of foreign exchange-related business activity,” said an SBP notification.

Sources in........

© Dawn Business