Will Banks Remain Closed For Four Days?
Banks Across The Country Will Remain Closed
The State Bank of Pakistan (SBP) has announced on Tuesday that banks across the country will remain closed on Friday due to the deduction of Zakat.
“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.
Also read this: Pakistan Declares 23rd March As A Public Holiday
A notification issued by the central bank said that the State Bank of Pakistan will remain closed for public dealings on 24th March 2023, Friday, which will be observed as a ‘Bank Holiday’ for Zakat deduction.
Therefore, the central bank will remain closed for four days as March 23 (Thursday) is also a public holiday on account of Pakistan Day and the SBP remains closed on Saturday and Sunday.
Therefore, Central Bank will be closed for four days, as March 23 is also a public holiday due to Pakistan Day and State Bank will be closed on Saturday and Sunday.
Banks are usually closed on the first day of Ramadan, however the central bank said that “the first Ramadan since 1444 AH is likely to be on Thursday, March 23, (already a public holiday. ).”
Therefore, all banks, Development Finance Institutions (DFIs) and Micro Finance Banks (MFBs) will remain closed for public transactions on the said date.
However, all employees of banks, DFIs and MFBs shall attend office on bank holidays and treat it as a normal working day (except for public dealings). Meanwhile, branches of commercial banks which are open on Saturday will continue to operate.