The State Bank of Pakistan (SBP) has announced a nationwide bank holiday on the first day of Ramzan due to the annual Zakat deduction.
According to an official statement issued by the central bank, all public and private sector banks across the country will remain closed for public dealing on 1 Ramzan 1447 Hijri. The closure is linked to the deduction of Zakat from eligible accounts.
The statement said all banks, development finance institutions and microfinance banks will not carry out public transactions on the day.
According to Express News, a spokesperson for the State Bank said employees of banks, development finance institutions and microfinance banks will attend offices as usual on the bank holiday. However, staff involved in public dealing will not work on that day.
Moon sighting meeting tomorrow
The central meeting of the Ruet-e-Hilal Committee to sight the Ramzan moon will take place in Peshawar on Wednesday, while zonal committees will hold meetings in other parts of the country.
Zonal committees will collect moon sighting testimonies and send them, along with evidence, to the central committee. The chairman of the Ruet-e-Hilal Committee will then make the official announcement after consultation.
Zakat nisab fixed for this year
The government has set the Zakat nisab for this year at Rs503,529, which is about three times higher than last year.
Under the official policy, Zakat will be deducted on 1 Ramzan from savings bank accounts and profit and loss sharing accounts holding balances above the minimum threshold. The deducted amount will be deposited into the Central Zakat Account maintained by the State Bank of Pakistan.
Read next: Pakistan cuts borrowing with Rs5.84bn weekly debt repayment
