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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Pakistan c.bank suspends exchange company licence Reuters - Tuesday, November 11 KARACHI, Nov 10 - Pakistan's central bank suspended on Monday the licence of a prominent foreign exchange company as part of an investigation into illegal transfers abroad that comes as the country faces a sharp fall in foreign reserves. Pakistan is struggling with a balance of payments crisis and the rupee has lost about 24 percent against the dollar this year. There have been reports of people making heavy withdrawals from their foreign currency accounts and sending money abroad. Police said on Saturday investigators had arrested four foreign currency dealers on suspicion of illegally sending money abroad. Among the four were two of the top officials of the Khanani and Kalia International company, police said. The State Bank of Pakistan said on Monday it had suspended the company's licence with immediate effect "for a period of 30 days pending further investigation/notice, for violation of ... rules and regulations". Officials at Khanani and Kalia were not immediately available for comment. Newspapers have reported $10 billion had been illegally transferred out of the country in one year. But Tariq Pervez, director general of the Federal Investigation Agency, a police department that investigates financial crime, declined to say how much money was involved. He said the amount would be known after an investigation. In May, the State Bank of Pakistan stopped exchange companies from sending cash abroad in dollars, sterling, euro, and United Arab Emirate dirham in an effort to stabilise the rupee. Foreign reserves have fallen sharply from a high of $16.5 billion in October last year to $6.76 billion on Nov. 1. The rupee was trading firmer at 80.65/75 to the dollar in the interbank market on Monday compared with Saturday's closing of 81.00/10. (Reporting by Sahar Ahmed; Editing by Robert Birsel and Paul Tait) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Dish Network 3rd-quarter profit slides 54 percentAP - 1 hour 2 minutes ago Tax wrangles threaten Cameroon mine - SundanceReuters - 1 hour 2 minutes ago Chile peso up as China plan boosts global boursesReuters - 1 hour 6 minutes ago Latvian inflation falls as economy suffersAP - 1 hour 8 minutes ago France wants emerging market nations to join G-7AP - 1 hour 9 minutes ago Most Popular – Business Viewed G20 pledges 'all necessary steps' to restore stability In Obama's victory, Americans see legacy of Lincoln Documents expose Prince William RAF training row: report AIDS vaccines: New hope for problem-plagued path Porsche hits record results on the back of VW shares View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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