Banks closed for three consecutive days

    Banks closed for 3 consecutive days on Monday, December 25, 2023, in observance of both Quaid-e-Azam Day and Christmas. The central bank conveyed this decision through a circular released on the same day, citing the public holiday status bestowed upon December 25th by the Government of Pakistan.

    In the circular, the SBP explicitly stated, “The State Bank of Pakistan will remain closed on December 25, 2023 (Monday) being a public holiday on the occasions of Quaid-e-Azam Day and Christmas, as declared by the Government of Pakistan.” This closure extends to commercial banks as well, emphasizing a synchronized shutdown within the banking sector.

    This announcement translates into a three-day consecutive closure for banks, encompassing Saturday, Sunday, and Monday. Consequently, customers and businesses will experience a temporary halt in banking services during this period.

    Moreover, the Pakistan Stock Exchange (PSX) has aligned itself with this schedule, confirming its closure on December 25th. The reasoning mirrors that of the banking sector—celebration of Quaid-e-Azam Day and Christmas as designated public holidays.

    The broader context is illuminated by the Cabinet Division, which routinely releases a comprehensive list of public holidays for the entire year. According to this official list, December 25th is earmarked as a nationwide public holiday. This reinforces the closure of not only financial institutions like the SBP and commercial banks but also extends to key financial markets like the PSX.

    In essence, this three-day closure serves as a testament to the recognition and celebration of significant national and religious events in Pakistan. It reflects the adherence to public holiday declarations and ensures a collective pause in financial activities, fostering an atmosphere of commemoration and observance throughout the country.

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