SBP declares bank holiday on 1st Ramadan

KARACHI: The State Bank of Pakistan on Tuesday announced that all public and private sector banks across the country will remain closed for public dealings on the first day of Ramadan 1447 Hijri due to annual Zakat deductions.

In a statement, the central bank said that banking transactions with the public would remain suspended on 1st Ramadan, in line with the mandatory deduction of Zakat from eligible accounts.

The holiday will apply to all banks, development finance institutions and microfinance banks, which will remain closed for public transactions on the specified date.

However, the State Bank spokesperson said that employees of banks, development finance institutions and microfinance banks will attend offices as usual, while only public-facing operations will remain suspended.

Meanwhile, the central meeting of the Ruet-e-Hilal Committee is scheduled to be held in Peshawar on Wednesday to sight the crescent moon for the beginning of Ramadan 1447 Hijri. Zonal committees in other parts of the country will also convene and forward verified testimonies to the central body.

The chairman of the Ruet-e-Hilal Committee will formally announce the start of Ramadan after consultations based on moon-sighting evidence.