KARACHI, June 25: One more mainstream exchange company has started operations in Karachi. This has raised the number of operational mainstream exchange companies to 13. Three other companies may soon start working.

Paracha International Exchange director Zafar Paracha told Dawn that his company had started operating from one branch in Karachi. The paid-up capital of the company is Rs100 million.

Twelve other exchange companies are already operating.

A spokesman for the State Bank said the central bank had granted licences to 16 exchange companies but three of them were yet to commence operations.

The SBP has also issued NOCs to 14 other mainstream exchange companies. These are supposed to get themselves incorporated with the Securities and Exchange Commission of Pakistan and then return to the SBP to get licence for starting business.

In the mean time, the central bank has allowed the second mini exchange company to start business. The Karachi-based Time Exchange Co will soon begin operations. Money Masters Currency Exchange - also based in Karachi - recently went into operations. The condition of minimum paid-up capital for a mini exchange company is Rs20 million.

The SBP has also issued NOCs to 25 other mini exchange companies sponsored in groups of not less than five by 167 money changers.