KARACHI, Aug 13: Galaxy International has applied for setting up a foreign exchange company.

The currency brokerage which is one of the big players of the open currency market has sought a no objection certificate from the State Bank to convert itself into Galaxy Exchange Company.

Currently Galaxy International is operating with six outlets — all in Karachi.

Anwar Jamal of GI told Dawn the exchange company would be fully owned by Galaxy International with no local or foreign partnership.

Half a dozen parties including a state-run bank has already applied for the State Bank NOC to set up exchange companies. The central bank is likely to clear their applications within a month after which they will apply for incorporation as exchange companies with the Securities & Exchange Commission of Pakistan.