KARACHI, July 31: The State Bank has issued another licence for setting up foreign exchange company to Eastern Union. With this the number of the licences issued so far has risen to 10.

A spokesman for the SBP told Dawn that the central bank has also issued nine no objection certificates (NOC) to different money changers for setting up foreign exchange companies.

Money changers initially require an NOC from the central bank to set up an exchange company. Later on after fulfilling some formalities and getting them registered with the SECP they are issued a licence by the State Bank.

Out of the 10 parties that have so far received SBP licences, five have already started operating as exchange companies. They are: H&H Exchange Company, NBP Exchange Company, KKI Exchange Company, Al-Sahara Exchange Company, and Data Exchange Company.