Karachi, December 27, 2024 – The State Bank of Pakistan (SBP) has officially declared a bank holiday across the country to mark the beginning of the New Year 2025. This announcement was made on Friday, bringing clarity to banking operations for the first day of the upcoming year.
According to a statement released by the SBP, Wednesday, January 1, 2025, will be observed as a ‘Bank Holiday.’ On this day, the State Bank of Pakistan will remain closed for public dealing. The bank holiday will also apply to all commercial banks, Development Financial Institutions (DFIs), and Microfinance Banks (MFBs), which will not provide public services on this date.
The SBP clarified that while banks, DFIs, and MFBs will not be open for public dealings during the bank holiday, their employees are required to attend their offices as usual. This ensures that back-office operations and essential administrative tasks continue without interruption despite the closure for public dealings.
Bank holidays are typically declared for special occasions, and this New Year’s Day bank holiday aligns with standard practices observed globally. It provides a brief pause for banking institutions to align their systems, finalize accounts, and prepare for the year ahead. Such breaks are crucial for ensuring smooth operations and efficient financial management.
The declaration of the bank holiday is expected to impact customers who may have planned in-branch transactions. The SBP encourages customers to complete any urgent banking tasks before December 31, 2024, to avoid inconvenience. ATM services, online banking, and other digital banking platforms will remain operational, providing customers with alternative means to manage their finances during the bank holiday.
The New Year bank holiday reflects the importance of systematic financial practices while allowing the banking workforce a day to focus on internal operations. As Pakistan welcomes 2025, this initiative by the SBP ensures a seamless transition into the new year for both financial institutions and their clientele. Stakeholders are advised to plan accordingly to avoid disruptions caused by the bank holiday.
