KARACHI: The State Bank of Pakistan (SBP) has declared a nationwide bank holiday on July 1, 2024, marking the commencement of the new financial year. According to an official statement issued by the SBP, all banks, development financial institutions, and microfinance banks across the country will remain closed for public dealings on this day.
The SBP’s announcement emphasizes that the closure on Monday, July 1, 2024, will allow financial institutions to finalize their accounts for the preceding financial year without interruption. This measure is intended to facilitate a smooth transition into the new fiscal period, ensuring all financial records and transactions are accurately reconciled.
The closure will affect all branches of banks and financial institutions nationwide, providing them with the necessary time to complete end-of-year procedures and maintain accurate financial documentation. While public dealings will be suspended, internal operations related to account reconciliation and financial reporting will continue.
The SBP’s decision underscores the importance of meticulous financial management as institutions prepare for the new fiscal year. By granting a bank holiday, the SBP aims to enhance the efficiency and accuracy of financial operations across the banking sector, ultimately contributing to the overall stability and integrity of the country’s financial system.
Customers are advised to plan their banking activities accordingly, anticipating the one-day suspension of services. Regular banking operations will resume on July 2, 2024, ensuring that the public can access banking services without further disruption.
This announcement from the SBP highlights the central bank’s commitment to ensuring a seamless transition into the new financial year, reflecting its ongoing efforts to uphold robust financial practices and regulatory standards within Pakistan’s banking sector.
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