SBP Announces July 1 Bank Holiday for Financial Year Closing

The State Bank of Pakistan (SBP) has officially announced that it will be closed for public dealings on Tuesday, July 1, 2024. This closure is due to the observance of a bank holiday on the first day of the new fiscal year 2025-26.

In line with this, all commercial banks, as well as development finance institutions (DFIs) and microfinance banks (MFBs) across the country, will also remain closed to the public on this day. This means that no banking services, such as cash deposits, withdrawals, or cheque clearances, will be available at the counters for customers.

However, it’s important to note that this holiday is only for the public. All employees of banks, DFIs, and MFBs will still be required to attend work as usual. While the branches will not serve customers, staff will carry out internal duties and complete necessary year-end financial processes.

According to the official statement from the SBP:

“All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on the aforementioned date. However, employees of the banks / DFIs / MFBs will attend the office as usual.”

This annual bank holiday helps banks and financial institutions close their books for the previous fiscal year and prepare financial statements and records for the new fiscal year, which begins on July 1.

Customers are advised to complete their important banking tasks before June 30, 2024, to avoid any inconvenience.

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