The State Bank of Pakistan (SBP) has announced that all banks, development finance institutions (DFIs), and microfinance banks across the country will remain closed to the public on July 1 in observance of the annual bank holiday, according to a statement from the central bank. Banking services for customers, including over-the-counter transactions and public dealings, will be suspended throughout the day.
Employees to Work Despite Public Holiday
Despite the public holiday, employees of banks and financial institutions will report to work as usual to complete internal administrative and account-closing activities. The annual bank holiday is observed to facilitate the closing and reconciliation of financial records at the start of the new fiscal year, which begins on July 1.
Impact on Customers and Institutions
The closure affects all scheduled banks, DFIs, and microfinance banks, meaning customers will be unable to conduct in-person transactions such as deposits, withdrawals, or other over-the-counter services. However, digital banking services may remain operational as per individual bank policies. The SBP did not specify any changes to online or ATM services in its announcement.
This annual practice ensures that financial institutions can complete necessary end-of-year accounting procedures without interruption from public dealings. The holiday has been a long-standing tradition in Pakistan's banking sector to mark the start of the new fiscal year.
