On this day, most banks and financial institutions will remain closed to the public, but their employees will be required to report to work as usual.

According to a notification issued by the State Bank of Pakistan and other central financial institutions, July 1 is designated as a bank holiday due to the closing of accounts for the start of the new fiscal year. The holiday on July 1 applies to financial institutions only and is reserved specifically for internal banking matters. July 1 will be a regular day for the general public, private officers and businesses.

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Authorities have clarified that it is a technical leave for the banking sector only, not a public holiday.

The purpose of the bank holiday is to ensure better financial planning for the new fiscal year by finalising accounts and ledgers at the end of this current fiscal year.

Before July 1 the public is advised to complete any bank-related tasks.