SBP Cancels License of Galaxy Exchange for Serious Regulatory Breaches
State Bank of Pakistan revokes the authorization of Galaxy Exchange with immediate effect due to serious violations of regulatory instructions, barring it from all foreign exchange activities.
SBP Allows Exchange Companies to Use Raast for Digital Home Remittance Transfers
State Bank of Pakistan has enabled exchange companies to use Raast for home remittance disbursement, advancing digital payments, financial inclusion, and the country’s cashless economy goals.
SBP Extends Raast Access to Exchange Companies for Faster Home Remittances
The State Bank of Pakistan has allowed exchange companies to use the Raast instant payment system to facilitate faster, safer and more transparent home remittances to bank accounts and digital wallets.
Pakistan Dollar Transactions: Facial Recognition Needs 1Link-Style System to Stop Leakages
Exchange companies in Pakistan caution that the new Nadra-linked facial recognition for dollar transactions will not prevent misuse unless a centralised 1Link-style system is implemented to track buyers across all exchange outlets.
SBP Implements New Restrictions on Cash Dollar Transactions as Pakistan Shifts Further Toward Cashless Currency Flows
The State Bank of Pakistan introduces major restrictions on cash dollar transactions, mandating account-to-account transfers for foreign currency deposits and tightening documentation requirements for individual buyers.
SBP Mandates Account-to-Account Transfers for FCY Deposits to Strengthen Traceability and Cashless Banking
The State Bank of Pakistan introduces mandatory account-to-account transfers for foreign currency deposits, aiming to strengthen traceability, enhance AML controls, reduce cash handling, and promote a cashless financial ecosystem across Pakistan.
Government Urges Banks and Forex Firms to Slash PKR/USD Exchange Rate Amid Currency Stabilization Push
Pakistan’s government has directed banks and foreign exchange companies to urgently reduce the PKR/USD rate amid efforts to stabilize the currency. Authorities are tightening oversight of the forex market to curb speculative activity and support economic confidence.