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Bank holiday on Monday, stock markets closed

All forms of bank in the country will remain closed on Monday, as July 1 is designated as a bank holiday every year.

Banks wrap up their financial accounting for the last six months on June 30. The half-yearly balance sheets are prepared by consolidating the accounts from various branches across the country. The next day – July 1 – is observed as a bank holiday due to this process.

As banks are closed, there will be no transactions on the Dhaka Stock Exchange and the Chittagong Stock Exchange either. So, transactions both of the stock exchanges will remain closed, but office work will continue.

There are two such bank holidays each year. The other falls on December 31, which sees the finalising of the financial accounting for the entire year.

Bangladesh Bank declares these two days as ‘bank holidays’ in the list of public holidays it sets each year. Banks will return to their usual schedule on Tuesday.