Karachi, December 29, 2023 – In an official announcement, the State Bank of Pakistan (SBP) declared a bank holiday on January 1, 2024.
The communication was directed to the presidents and chief executives of all banks, development financial institutions (DFIs), and Microfinance Banks (MFBs).
The SBP notification stated that the central bank would be closed for public dealing on Monday, January 1, 2024, marking it as a ‘Bank Holiday.’ Consequently, all commercial banks, DFIs, and MFBs are instructed to remain closed for public dealings on this specific date. However, the notification clarified that despite the bank holiday, all employees of these financial institutions are expected to attend the office as usual.
The decision to declare a bank holiday on the first day of the new year is in line with the standard practice observed by commercial banks in Pakistan. This non-banking day aligns with the closing of the financial year for the banking system, which traditionally runs from January to December.
With the announcement of the bank holiday, the SBP urged the general public to plan accordingly for their cash needs. Despite the closure of banks for public dealings, the SBP specifically advised commercial banks to ensure the activation of ATM machines to facilitate the general public during this period.
This proactive approach aims to mitigate any inconvenience for customers who may require access to banking services or cash during the specified bank holiday. The activation of ATMs ensures that individuals can still perform essential transactions, such as withdrawals and balance inquiries, even though the banks’ physical branches will be closed for public interactions.
While the closure of banks on January 1 is a routine occurrence in Pakistan, it serves as a reminder for individuals and businesses to plan their financial activities accordingly. This includes any necessary cash withdrawals or transactions that may be required during the bank holiday.
The SBP’s communication underscores the importance of maintaining essential banking services and ensuring that individuals can meet their financial needs seamlessly. As the financial year draws to a close, the observance of a bank holiday on January 1, 2024, sets the tone for the beginning of a new fiscal year in Pakistan’s banking sector. It also highlights the ongoing efforts of financial institutions to balance operational requirements with customer convenience, especially during holiday periods.
