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Tuesday 16 April, 2024
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Banks will remain closed for four days?

BY Muhammad Noman Mar 21, 2023. 06:20 pm UPDATED: Mar 21, 2023. 06:20 pm

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The State Bank of Pakistan (SBP) announced on Tuesday that all banks in the nation would be closed on Friday in observance of the Zakat deduction.

“The State Bank of Pakistan will remain closed for public dealing on Friday (March 24, 2023), which shall be observed as a ‘Bank Holiday’ for the purpose of deduction of Zakat,” a notification issued by the central bank said.

Due to the fact that March 23 (Thursday), which falls on Pakistan Day, is also a public holiday and the SBP is closed on Saturday and Sunday, the central bank will be closed for four days.

The first day of Ramadan is typically observed as a bank holiday, but according to the central bank, “since the first of Ramadan-ul-Mubarak, 1444 AH is likely to fall on Thursday, March 23, (already being a public holiday)

Therefore, on the aforementioned date, all banks, development finance institutions (DFIs), and microfinance banks (MFBs) shall remain closed to the general public.

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However, on bank holidays, all employees of banks, DFIs, and MFBs will report to work as if it were any other day of the week (except for public dealing).

Commercial bank locations that are open on Saturday will stay open throughout this time.

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