Karachi, December 30, 2024 – The State Bank of Pakistan (SBP) has announced that all banks across Pakistan will remain closed for public dealings on Wednesday, January 1, 2025. This declaration aligns with the observance of a “Bank Holiday,” as stated in an official notification issued by the SBP.
According to the SBP’s statement, the closure will also apply to all commercial banks, Development Financial Institutions (DFIs), and Microfinance Banks (MFBs). While public-facing services will be suspended, employees of these financial institutions are required to report to work as usual. This ensures that essential administrative and back-office operations continue seamlessly despite the public holiday.
Bank holidays are a customary practice that provides financial institutions with an opportunity to finalize year-end accounts, align systems, and prepare for the year ahead. The observance of such holidays by banks is crucial for maintaining the efficiency and stability of banking operations. The SBP has emphasized that this day off for public dealings is necessary to facilitate internal processes and ensure a smooth start to the new financial year.
The announcement is particularly significant for customers planning to visit bank branches for in-person transactions. To minimize inconvenience, the SBP has urged the public to complete any urgent banking tasks before the end of business hours on Tuesday, December 31, 2024. Customers can rest assured, however, that essential digital banking services, including ATMs, online banking, and mobile banking platforms, will remain operational throughout the holiday.
The New Year’s bank holiday underscores the importance of systematic financial practices and highlights the role of the SBP in ensuring organized transitions into each new fiscal year. The holiday also serves as a reminder for individuals and businesses to leverage the convenience of digital banking services during such closures.
As Pakistan enters 2025, the SBP’s initiative facilitates a structured and efficient start for financial institutions and their clientele. Stakeholders are advised to plan their banking activities accordingly to avoid any disruptions during the holiday.