KARACHI – President, Employers’ Federation Pakistan, Ismail Suttar, said that the concept of perennial bank holidays in Pakistan, is an outdated notion that should be discontinued in due time.
In a statement, EFP president said that the traditional concept of Bank Holidays, was historically introduced by John Lubbock, a scientific writer, banker and politician in the year 1871. These holidays were added on to the extensive list of Public holidays to aid the conventional financial institutions, in closing their ledgers during the manual book keeping era. Despite the diminishing need of these holidays with time, particularly due to the extensive digitalization of banking systems. We have still embraced the pre-existing system of bank holidays with closed eyes and open arms.
“One could not argue, over the loss, the economy has to entail by these luxury shenanigans that a developing economy such as ourselves could not bear. The pre-existing system of unnecessary, add-on holidays, has led losses time and again, particularly to exporters whose means of shipping abroad are blocked by these closed financial systems”, he added.
Suttar further said that EFP believes that the Government and State Bank should keep in view the global and economic conditions of our region before accepting the traditional system of Bank Holidays in Pakistan, for the years ahead. The consideration and analysis of important entities plays a vital role in establishment of sustainable systems that will build the trust of business communities in the region to foster growth and development on their end.
