Pakistan Banks to Close for Ramadan; New Business Timings

State Bank of Pakistan, the central bank, and all commercial lenders will be closed on July 23 for Ramadan, the Muslim holy month of fasting, to deduct Zakaat, a 2.5 percent tax on savings in banks.

They will reopen the next working day, according to an e- mailed statement by the Karachi-based central bank. Ramadan is expected to begin tomorrow or on July 22 in Pakistan.

Banks will open at 8:30 a.m. local time and close at 2:00 p.m. local time from Monday to Thursday. On Friday, they will open at 8:30 a.m. and close at 12:30 p.m.

Pakistan’s stock exchange will start trading at 9:15 a.m. and end at 2:00 p.m. from Monday to Thursday, according to a statement from the Karachi Stock Exchange. On Friday, trading will take place between 9:15 a.m. and 12:30 p.m.

To contact the reporter on this story: Khurrum Anis in Karachi News at kkhan14@bloomberg.net

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net

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