Sri Lanka Stock Market: Sri Lanka, which is facing financial crisis, has decided to close the stock market next week as well. Colombo Stock Exchange, Sri Lanka’s stock market, will also remain closed in the coming week. The Sri Lanka Securities and Exchange Commission (SEC) announced this in a press release on Saturday.
Why will the market remain closed?
It has been decided to close trading on the Colombo Stock Exchange from this Monday to Friday in order to give an opportunity to the investors to create more clarity and understanding about the market, it said. This announcement means that starting from April 18 till April 22, trading in the Colombo stock market will be temporarily closed.
The Board of Directors had requested
A day earlier, the board of directors of the Colombo Stock Exchange had requested the SEC to temporarily close trading. For this the current conditions of Sri Lanka were cited.
No money to buy everyday items
The SEC has taken this decision in view of the heavy economic crisis in Sri Lanka for the last few weeks and then the political instability that followed. Sri Lanka also has a severe shortage of foreign exchange necessary to buy fuel and everyday items. The situation has become such that the Sri Lankan government has postponed the payment of foreign debts.
the protest continues
Due to the deepening of the economic crisis, anti-government protests across the country have also intensified. The protesters are demanding the resignation of President Gotabaya Rajapaksa.