KARACHI, June 23: The State Bank has suspended for 30 days the licence of Glaxy International Exchange Company for violating the rules of business, SBP spokesman Syed Wasimuddin told Dawn.

He said the company was found to have violated the rule that required all exchange companies to display the correct exchange rates at their business places, meaning that it was selling dollars and other foreign currencies at higher rates than displayed.

He said that the company was also found to have ignored the SBP directives issued from time to time.

The State Bank has intensified monitoring the operations of exchange companies after some of them were found to be involved in remitting foreign exchange abroad in an unauthorized manner. The central bank has already issued warning to these companies to desist from this practice and ahs also issued a general directive for all exchange companies to strictly abide by the rules of business laid down for them.