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Colombo Stock Exchange declares Tuesday a public holiday




The decision also came a day after Sri Lanka experienced unprecedented violence and political crisis following the resignation of Prime Minister Mahinda Rajapaksa.

Dove: The Colombo Stock Exchange declared Tuesday a public holiday due to settlement difficulties, nearly a month after remaining closed for a week amid Sri Lanka’s worst economic crisis.

The decision also came a day after Sri Lanka experienced unprecedented violence and political crisis following the resignation of Prime Minister Mahinda Rajapaksa.

The Colombo Stock Exchange (CSE) has been advised that the Central Bank of Sri Lanka’s Real-Time Gross Settlement (RTGS) system will not operate today (May 10, 2022),” a CSE circular read.

“Therefore, the CSE’s Central Depository System (CDS) is unable to complete the settlement of funds and settlement of securities falling on May 10, 2022 in accordance with the DVP settlement mechanism,” he said. declared.

“In these circumstances, the CSE has declared today (May 10, 2022) a public holiday for the above-mentioned operational reasons, the circular states.

Sri Lanka is facing its worst economic crisis since gaining independence from the United Kingdom in 1948. The economic crisis has also sparked political unrest in the island nation with citizens staging nationwide street protests for weeks on long power cuts and a shortage of fuel, food and other daily essentials.

The protests led to the resignation of Prime Minister Mahinda Rajapaksa on Monday.

Last month, the Colombo Stock Exchange remained closed for a week to provide investors with an opportunity to have “more clarity and understanding” of the current economic conditions in crisis-ridden Sri Lanka, which would help them “make decisions enlightened investment”.

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