SBP says will now observe six-day working week

The State Bank of Pakistan (SBP) on Wednesday increased its working days from five to six a week, in accordance with the new government's regulations, while also changing its office and business timings for the month of Ramazan, the central bank confirmed the development to Business Recorder.

“As per the decision of the Federal Government communicated vide Notification No.6/2/1996-D-2 dated April 12, 2022, the State Bank of Pakistan (SBP) will observe six days working week,” read a notification.

During Ramazan, the SBP will observe office hours from 8 am to 3 pm with a prayer break from 1 pm to 1:30 pm from Monday to Thursday and Saturday. Office timings for Friday will be 8 am to 1 pm, with no break.

These timing will also be followed by all banks, development financial institutions and microfinance banks.

The SBP has also advised banks and MFBs to observe minimum business banking hours for public dealing from 8 am to 1 pm without break from Monday to Thursday and Saturday, and the timing for Friday will be 8 am to 12 pm without break.

However, except Friday, institutions may observe extended business (banking) hours for public dealing from 8 am to 2 pm (without break) a per their business requirements.

The new timings will come into force with immediate effect and remain unless modified or withdrawn, the SBP said.

PM Shehbaz abolishes two-day weekend for government offices

The development comes a day after newly-elected Prime Minister Shehbaz Sharif ordered that government offices will only shut for one day in the week instead of two - previously both Saturday and Sunday were off - and will open at 8 am instead of 10 am.

The PM issued these directives a day after being sworn in as the prime minister, following the ouster of Pakistan Tehreek-e-Insaf’s (PTI) chairman Imran Khan.