Pakistan Banks to Close for Ramadan; New Business Timings

July 20 (Bloomberg) -- 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