The State Bank of Pakistan has announced that it will be closed on May 1st, 2024, in observance of Labor Day, as declared by the Government of Pakistan. This public holiday will affect all banking operations, and customers are advised to plan accordingly.
Foreign Exchange Reserves See Significant Decline
In a related development, the State Bank of Pakistan has reported a significant decline in foreign exchange reserves. The reserves have decreased by $740 million, reaching $7.9812 billion after the payment of foreign loans. Commercial banks’ reserves have also seen a decrease of $1.097 million, standing at $5.2993 billion.
The country’s total foreign exchange reserves have experienced a decline of $930 million over the past week, reaching $13.285 billion. This development may have implications for the country’s economic stability and trade relations.
