The State Bank of Pakistan (SBP) has issued a circular order to bring working hours of commercial banks back to normal before the pandemic time, 9am to 5:30pm.
This order will be effective from July 13. Earlier, the SBP had announced a reduction in working hours of banks due to the coronavirus epidemic.
From Monday to Thursday, the commercial bank time is 9am to 5:30pm with prayer/lunch break from 1:30 pm to 2:00 pm. On Friday, the time is from 9am to 5:30 pm with prayer/lunch break from 1:00pm to 2.30pm.
Moreover, the SBP has recently introduced fresh measures to facilitate the business community in order to promote long term investment.
The SBP announced to reduces markup rate on investment under SBP’s Temporary Economic Refinance Facility (TERF) to 5 percent from the previous 7 percent, and on Long Term Financing Facility for the non-textile sector to 5 percent from 6 percent to extend the benefit of the recent reductions in the policy rate.
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