SBP announces bank holiday on July 1

KARACHI: Banks in Pakistan will remain closed on July 1 for public dealing on account of financial close, a statement released by the State Bank of Pakistan (SBP) said on Wednesday.

The State Bank of Pakistan (SBP) issued a circular in this regard addressing the president and chief executives of all banks, development financial institutions and microfinance banks.

The central bank said it will remain closed for public dealing on July 1, 2022, which shall be observed as Bank Holiday enabling the Bank to close its accounts as the financial year 2021-22 ends Friday.

All banks / Development Financial Institutions (FDIs) / Microfinance Banks (MFBs) shall, therefore, remain closed for public dealing on the aforementioned date.

Read more: Current account deficit hits $1.4bn in May: SBP

However, employees of the banks / DFIs / MFBs will attend the office as usual.

Meanwhile, Pakistan’s current account deficit (CAD) widened to $1.4 billion in May 2022, according to data released by the State Bank of Pakistan (SBP) on Tuesday.

“The current account deficit (CAD) rose to $1.4bn in May. While overall imports fell compared to April, a decline in remittances and exports on account of Eid holidays contributed to this rise,” the statement read.