Staff Correspondent

All forms of bank transactions will be closed on Monday, as they are on Jul 1 every year.

As banks are closed, there will be no transactions on the Dhaka Stock Exchange or the Chittagong Stock Exchange either.

Though transactions are closed, both stock exchanges will still be open for office work.

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

Tradition dictates there are two such bank holidays each year, with the other falling on Dec 31. That day 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.

Despite the holiday, the main offices of all banks, including Bangladesh Bank, and other important branches will remain open.

Banks will return to their usual schedule on Tuesday. Bangladesh Bank will follow the same schedule as commercial banks in this regard.