July 1 Bank Holiday in Pakistan

History:

July 1st as a bank holiday in Pakistan is observed to mark the start of the new fiscal year. This day is significant within the financial sector as it represents the commencement of accounting for the annual budget that has been set by the government. The fiscal year in Pakistan runs from July 1st to June 30th of the following year.

Traditions:

Traditionally, there are no specific cultural festivities or widespread public celebrations associated with this day. It is predominantly a functional holiday focused on the banking and finance industry.

Activities on July 1 Bank Holiday:

• Financial Institutions: Banks and financial institutions remain closed on this day to settle their accounts from the previous fiscal year and prepare for the new fiscal year.
• Bank Employees: Employees of banks and financial institutions often utilize this day to complete internal audits, update systems, and set new financial targets.
• General Public: For the general public, this bank holiday may involve planning personal finances around bank closures. Since banks are closed, people avoid scheduling any banking transactions for this date.