Tag: bank holiday

  • Banks nationwide to close on February 5 in observance of Kashmir Day

    Banks nationwide to close on February 5 in observance of Kashmir Day

    In a recent announcement, the State Bank of Pakistan (SBP) declared that banks across the country will remain closed on February 5 (Monday) in commemoration of Kashmir Day. The central bank issued a statement on Wednesday, confirming the closure of the State Bank of Pakistan on this day.

    “The State Bank of Pakistan will remain closed on 5th February, 2024 (Monday) being a public holiday on the occasion of ‘Kashmir Day’ as declared by the Government of Pakistan,” the statement from the SBP read.

    Kashmir Day is observed annually on February 5 in Pakistan to honour and remember the struggles and sacrifices of Kashmiris in the Indian Illegally Occupied Jammu and Kashmir (IIOJK).

    Last week, the federal government officially declared February 5 as a national holiday throughout the country. The Cabinet Division’s decision includes a national observance with a one-minute silence at 10 am on Kashmir Day.

    In addition to the nationwide recognition, the Sindh government also issued a notification today to observe Kashmir Day.

    On this day, the nation sends a resounding message of solidarity and support to the people living in the Indian-occupied valley. The Kashmir issue continues to be a significant point of contention between Pakistan and India. Islamabad consistently calls on the international community to organise a plebiscite in the disputed territory.

    The conflict gained global attention after Indian Prime Minister Narendra Modi’s decision to unilaterally revoke Article 370 of the Indian Constitution on August 5, 2019, which granted special status to the IIOJK. Pakistan has emphasised that normalising ties with India is contingent on the restoration of Kashmir’s special status.

  • Pakistani rupee gains Rs15 versus US dollar during intraday trade

    Pakistani rupee gains Rs15 versus US dollar during intraday trade

    In the aftermath of securing last-minute funding from the International Monetary Fund (IMF), the Pakistani rupee exhibited a substantial gain of Rs15 against the US dollar in the interbank market on Tuesday.

    As reported by the Forex Association of Pakistan, the local currency’s exchange rate appreciated to Rs271 around 10 am. It is worth noting that the rupee had closed at 285.99 against the dollar on June 27, with trading activities suspended due to the Eid holidays last week and a bank holiday on Monday.

    This positive development follows a previous record-high exchange rate of Rs290.93 reached on May 11. Since then, the dollar has experienced a considerable decline of more than Rs23.

    The anticipated 3 per cent appreciation of the rupee has been realised, but the sustainability of these gains will be verified in the days ahead. The government has indicated that the partial funds from the IMF deal will be disbursed by mid-July.

    Additionally, the government has expressed confidence in securing approximately $4 to $5 billion from Saudi Arabia, the United Arab Emirates, and the Islamic Development Bank. These additional funds would contribute to resolving the dollar liquidity issues.

    The strength and stability of the rupee are likely to be maintained if these payments materialise. However, any delays could potentially increase pressure on the currency.

    According to the government’s projections, Pakistan’s reserves are expected to increase to $14 billion by August. Should this estimation hold true, it is anticipated that the rupee will stabilise around the range of 270 to 280, as suggested by experts.