SBP hikes 100% capital requirement for exchange companies

SBP hikes 100% capital requirement for exchange companies | PakistanTribeKARACHI – State Bank of Pakistan (SBP) has revised upwardly 100 percent in the paid-up capital requirement of all exchange companies to Rs 200 million from Rs 100 million.

As per circular, Rule No. 3 of F.E. Circular No. 9 of 2002 in terms of which the minimum paid-up capital for new exchange companies would be Rs. 100 million which has to be increased to Rs. 200 million within three years from the date of incorporation.

It has now been decided that the minimum paid-up capital of all new exchange companies will be Rs. 200 million. Further, all existing exchange companies that do not meet the minimum capital requirements must fulfill the same as per the timeline given to them to avoid regulatory action.

All other instructions on the subject shall remain unchanged.

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