Central Bank Bans Prasanna Money Exchange

Considering all the complaints received from the public that Prasanna Money Exchange (Pvt) Ltd offers higher exchange rates, the Foreign Exchange Department of the Central Bank conducted an on-site investigation against Prasanna Money Exchange (Pvt) Ltd on 03/30/2022.

The investigation revealed that Prasanna Money Exchange (Pvt) Ltd offered higher exchange rates and thus attempted to purchase foreign exchange from its customers at higher rates than the exchange rates offered to them by licensed banks and that they were in breach of An instruction issued by the Money Exchange Commissioner in accordance with the Foreign Exchange Law No. 12 of 2017 (FEA).

Based on this, the Central Bank decided to temporarily suspend the authorization issued by Prasanna Money Exchange in accordance with the provisions of foreign economic activity, starting from 03/31/2022.

We hereby inform the public that as of March 31, 2022, Prasanna Money Exchange (Pvt) Ltd is no longer allowed to exchange money as an Authorized Currency Exchange Office. The public is also informed that any transaction with Prasanna Money Exchange (Pvt) Ltd during the period of suspension is considered a violation of the foreign trade provision.

The Central Bank has stepped up its on-site inspections at authorized foreign exchange offices and will be prepared to suspend/revoke the authorizations of authorized foreign exchange offices that do not comply with the guidelines issued under the Foreign Exchange Law.