The State Bank of Pakistan has revoked the authorization and license of Time Exchange Company (Pvt.) Limited with immediate effect, citing serious violations of regulatory instructions.

In an official statement issued on Sunday, the central bank said the company, along with its head office and all branches, has been strictly barred from carrying out any kind of foreign exchange business.

According to the SBP, the decision was taken after significant breaches of its regulatory framework were identified. However, the bank did not provide further details about the specific violations.

With its license now cancelled, Time Exchange Company is no longer permitted to engage in buying, selling, or facilitating foreign currency transactions anywhere in Pakistan.