Perpetual Treasuries business suspended

Friday, 7 July 2017 00:00 - - {{hitsCtrl.values.hits}}

The Monetary Board of the Central Bank yesterday suspended the business activities of controversial primary dealer Perpetual Treasuries for six months, effective immediately.

The Central Bank, releasing a statement, said it was acting in terms of the regulations made under the Registered Stocks and Securities Ordinance and the Local Treasury Bills Ordinance.

“The Central Bank has decided to suspend Perpetual Treasuries Limited (PTL) from carrying on the business and activities of a Primary Dealer for a period of six months with effect from 4.30 p.m. on 6 July 2017.”

The Central Bank will take necessary measures to ensure that this regulatory action does not have a disruptive impact on the market. Action will also be taken to facilitate the handling of the interests of the customers and counterparties of PTL in an orderly manner, the statement assured.