KARACHI: The State Bank of Pakistan (SBP) on Friday informed that the exchange companies do not require its approval before raising authorised and paid-up capital.

The decision has been taken to encourage exchange companies to increase their capital, according to a circular. The exchange companies may directly approach SECP for fulfilment of applicable formalities.

Once the formalities have been fulfilled, the company will accordingly maintain the required Statutory Liquidity Reserve (SLR) with respective area office of SBP, Banking Services Corporation (BSC) and immediately intimate Exchange Policy Department (EPD) and Off-Site Supervision and Enforcement Department of the SBP by submitting evidence of completion of formalities, enhancement/injection of capital, and maintenance of SLR with SBP, BSC.

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