KARACHI: The State Bank of Pakistan and all commercial banks will observe a five-day working week from Saturday. However, commercial banks have been allowed to open some branches to facilitate customers, especially the business community.

The central bank said the decision had been taken on the basis of a government notification about two weekly days off — Saturday and Sunday.

SBP office timings from Monday to Thursday will be 9am to 5.30pm (lunch/prayer break from 1.30pm to 2.15pm) and on Friday from 9am to 6pm (lunch/prayer break from 1pm to 2.30pm).

Business hours of all field offices of the SBP Banking Services Corporation from Monday to Thursday will be 9am to 1.30pm and on Friday 9am to 1pm.

A circular issued by State Bank on Friday asked commercial banks to open selected branches in business centres, commercial areas, ports, etc, on Saturday.

But head offices and administrative offices of the banks will remain closed.

The banks themselves would decide the number of branches to be opened, the circular said.

The banks’ collection booths at customs houses and ports will remain open 24 hours on the seven days as per the existing practice.

The banks are required to submit a list of branches to be opened on Saturday to the SBP’s banking policy and regulations department.

The activities to be carried out by the selected branches on Saturday will include cash receipts and payments, collection of government revenues (taxes, customs duties, etc), government payments (pensions, salaries, etc), online transactions or fund transfer (wherever possible), collection of utility bills, issuance of demand drafts, pay orders, travellers cheques, collection of cheques and other related instruments and receipt of documents for opening of inland and foreign letter of credit (not forward cover).

The State Bank also decided to revise the cut-off dealing time for all permitted foreign exchange, derivatives and money market transactions which will now be 9am to 5pm from Monday through Friday.

However, all foreign exchange and derivatives transactions not involving Pak rupees and transactions on account of inward home remittances will be allowed up to 6pm from Monday to Friday.