The State Bank of Pakistan has revoked with immediate effect the authorization/license of M/s Galaxy Exchange (Private) Limited.
The company was found to have committed serious violations of the State Bank’s regulatory instructions.
The exchange company, including its head office and outlets, is no longer permitted to carry out any foreign exchange–related business activities.
It may be recalled that in February 2024, the SBP suspended the licenses of three prominent exchange companies, including Galaxy Exchange Company (Pvt) Ltd. The other companies were AA Exchange Company (Pvt) Ltd and Al-Hameed International Money Exchange (Pvt) Ltd.
During the suspension period, the central bank barred these exchange companies, along with their head offices and all outlets, from carrying out any kind of business activity.
