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Thursday, June 13, 2024  
06 Dhul-Hijjah 1445  

No three-day holiday as SBP directs banks to work on Saturday, Sunday

The central bank announced Jan 1 as bank holiday
People queue along a street to use an ATM bank machine in Rawalpindi on June 9, 2023. (AFP/File)
People queue along a street to use an ATM bank machine in Rawalpindi on June 9, 2023. (AFP/File)

The State Bank of Pakistan will be closed for public dealing on Monday, January 1, 2024, as it announced a bank holiday on the first day of the next year.

“SBP will remain closed for public dealing on January 01, 2024 as it will be observed as Bank Holiday,” the central bank stated in a post on X on Friday.

While January 1 will be the upcoming Monday, most commercial banks are closed for public dealings on Saturdays and Sundays.

However, the commercial banks will not be able to enjoy a three-day holiday as the SBP has directed all banks to keep their branches open on Saturday, December 30 and Sunday, December 31 for collection of taxes, duties and other government receipts, APP reported.

“The branches of all banks that are open on Saturday shall observe extended working hours till 5:00pm Saturday, December 30, 2023 and till 8:00pm on Sunday, December 31, 2023 for collection of taxes through alternate delivery channels and over-the-counter facilities,” an SBP press release said.

The central bank also advised NIFT to arrange special clearings at 3:00pm on Saturday and at 5:00pm on Sunday to ensure same-day clearing and settlement of payment instruments.

“To eliminate the issue of spillover of tax receipts, banks shall ensure that no instrument concerning government receipts, lodged during the aforementioned office hours, remain unattended at branch counters and must be lodged in the aforesaid special clearing in the value date of December 31, 2023,” the SBP said.

It further advised the banks to keep their branches concerned open on December 30 and 31 till such time that is necessary to facilitate the special clearings for government transactions by the NIFT.

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