SBP announces bank holiday on July 1

The State Bank of Pakistan (SBP) on Wednesday announced a bank holiday on Wednesday, July 1, saying the central bank will remain closed for public dealings.

According to a statement issued by the central bank, the holiday applies to all banks, development finance institutions (DFIs), and microfinance banks (MFBs), which will suspend public dealings for the day.

"However, all employees of the banks/DFIs/MFBs will attend the office as usual," the central bank said.

Banks and financial institutions remain closed on July 1 to close their accounts for the financial year and mark the beginning of the new fiscal year.

The central bank will also remain closed on June 25 and 26 (Thursday and Friday) on the occasion of Ashura (Moharram 9 and 10) in line with the government's announcement of the two-day holiday.

The federal government has announced public holidays on June 25 and 26 in connection with Ashura.

Muharram is regarded as one of the four sacred Islamic months. Ashura falls on its 10th day when the grandson of the Prophet Muhammad (PBUH), Hazrat Imam Hussain (RA), along with his family members, were martyred in the battle of Karbala.

Faithful hold processions and majalis in Muharram, while religious scholars address huge gatherings across the country.