State Bank to remain closed on May 1

The State Bank of Pakistan will be closed on May 1, tomorrow, due to a public holiday on the occasion of Labour Day.

According to a press release issued by the State Bank, the SBP will remain closed on May 1 (Wednesday) on the occasion of Labour Day due to a public holiday as announced by the government of Pakistan.

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In a statement released by the State Bank of Pakistan, it has been said that all banks and financial institutions will remain closed on May 1. The announcement said that May 1 will be a public holiday in the Pakistan Stock Exchange as well.

Labour Day is an annual holiday to celebrate the achievements of workers. Labour Day has its origins in the labour union movement, specifically the eight-hour day movement, which advocated eight hours for work, eight hours for recreation, and eight hours for rest.

For most countries, Labour Day is synonymous with, or linked with, International Workers’ Day, which occurs on 1 May. For other countries, Labour Day is celebrated on a different date, often one with special significance for the labour movement in that country. Labour Day is a public holiday in many countries.

International Workers’ Day

For most countries, “Labour Day” is synonymous with, or linked with, International Workers’ Day, which occurs on 1 May. Some countries vary the actual date of their celebrations so that the holiday occurs on a Monday close to 1 May.

Some countries have a holiday at or around this date, but it is not a ‘Labour Day’ celebration.