KARACHI: The State Bank of Pakistan (SBP) has officially announced that it, along with all commercial and microfinance banks, will observe a bank holiday on May 1, 2021, in observance of Labor Day.
According to a circular issued on Tuesday, the State Bank of Pakistan informed the presidents and chief executive officers of all banks, including development financial institutions and microfinance institutions, about the scheduled closure. The notification clarified that this decision aligns with the government-declared public holiday marking International Labor Day, which is commemorated each year to honor the contributions of workers and laborers across the country.
As per the State Bank of Pakistan directive, this bank holiday will apply nationwide, and all banking operations—including over-the-counter transactions, clearing services, and interbank dealings—will remain suspended on the designated date, which falls on a Saturday this year. Customers are advised to plan their financial transactions accordingly to avoid any inconvenience due to the holiday.
The State Bank of Pakistan further stated that while physical branches will be closed, customers may still access limited digital banking services such as Automated Teller Machines (ATMs), mobile banking, and online transfers. However, certain transactions requiring backend verification or interbank coordination may experience delays due to the holiday.
This announcement of the State Bank of Pakistan serves as a reminder for both individuals and businesses to complete any urgent bank-related tasks ahead of the holiday. Employers and corporate clients who manage payrolls, vendor payments, or other end-of-month settlements are particularly encouraged to finalize these operations before May 1.
Bank holidays such as Labor Day are regularly observed across the banking sector in Pakistan as part of the annual calendar. These observances reflect the central bank’s alignment with national holidays declared by the government and its commitment to maintaining an orderly and predictable schedule for the financial sector.