News Karnataka
Wednesday, November 29 2023

Colombo: Sri Lanka declares bank holiday for domestic debt restructuring

Colombo: Sri Lanka records primary surplus of $167 mn up to May
Photo Credit : IANS

Colombo: Sri Lanka will have a five-day bank holiday from June 29 to July 3 to provide time for domestic debt restructuring, an official said.

Sri Lankan Central Bank Governor Nandalal Weerasinghe told the media that bank transactions would not be affected during that period.

Earlier, Weerasinghe emphasized that financial sector stability was a key objective of the central bank, and measures would be taken to ensure the protection of public deposits and the overall stability of the banking system.

Sri Lanka announced a suspension of foreign debt repayments in April 2022 when it was hit by its worst financial crisis since independence.

The International Monetary Fund in March this year approved a 48-month extended arrangement under the Extended Fund Facility to support Sri Lanka’s economic policies and reforms.

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