The State Bank of Pakistan (SBP) will remain closed for public dealing on Monday, July 1, 2024, which shall be observed as a bank holiday, the central bank said in a statement on Friday.
“All banks/DFIs/MFBs shall, therefore, remain closed for public dealing on the aforementioned date,” the SBP said.
“However, employees of the banks/DFIs/MFBs will attend the office as usual,” it added.
Extended banking hours on June 28, 29, and 30
Moreover, the central bank also announced that all banks would observe extended banking hours from June 28 to June 30 “to facilitate the taxpayers in payment of government duties/taxes through Alternate Delivery Channels (ADC’s) and Over-the-Counter facilities”.
As per the SBP, on Friday, June 28, all commercial banks would remain open from 9:00am to 6:00pm, whereas on Saturday, June 29, all those branches of banks that remain open on Saturdays would observe banking hours from 9:00am to 6:00pm.
SBP-held foreign exchange reserves decrease $239mn to fall below $9bn
On Sunday, June 30, 2024 all those branches of banks that remain open on Saturdays would observe banking hours from 9:00am to 10:00pm, as per the SBP statement.
“During these three days, NIFT shall collect instruments related to government receipts and payments only, from bank’s counters at 6:00pm on Friday and Saturday whereas at 10:00pm on Sunday.
“These instruments will be cleared through special clearing on the next day of collection and NIFT will provide clearing fate by 01:00pm on 29th, and 30th June 2024 and whereas10:00am on 1st July 2024,” it said.
For the purpose of closing exercise of FY 2023-24 on July 1st 2024, SBP and PRISM would be operating in the value date June 30, 2024.
“Banks are advised to accordingly define 29th & 30th June, 2024 as working days in their systems to enable settlement of special clearing with aforesaid schedule,” the central bank said.
Pakistan’s REER index down 3.62% MoM in May, now stands at 100.67
“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 30th June, 2024.”
The central bank also asked the banks to keep their concerned branches open from June 28 to June 30 till such time that is necessary to facilitate the special clearings for government transactions by the NIFT.
Comments