KARACHI (March 16 2003) : The State Bank on Saturday has awarded two more licences for opening of foreign exchange companies, said officials of the State Bank.
The name of the two companies are Al-Sahara and Data Exchange companies. The State Bank has so far issued five licences in total to replace the money-changers.
The State Bank had decided to replace all the money-changers through establishing of foreign exchange companies.
The Bank encouraged to open bigger exchange companies with a capital of Rs 100 million to replace over 479 money-changers across the country.
The money-changers have reservations about the their replacement.
They claim that money-changers have no such huge amount of Rs 100 million to open exchange companies.
Initially, they made effort to reduce the capital requirement of Rs 100 million, but the State Bank refused.
The money-changers also argue that few foreign exchange companies will replace over 479 money-changers, and that would bring unemployment in the country. However, the State Bank maintained that the foreign exchange companies could open their branches anywhere in the country.
The State Bank has set two years for the complete transformation the exchange system and replacement of the money changers.