Sri Lanka stock exchange to stop for 5 days as demonstrations spiral
COLOMBO: Sri Lanka on Saturday revealed a five-day share trading halt after the crisishit nation hiked rates of interest and declared a default on its external financial obligation throughout the traditional New Year holiday, as trade unions and leading cricket stars signed up with protests requiring the president’s resignation. The relocation came ahead of Colombo’s prepared talks with the IMF in Washington on Monday to work out a bailout as the country has actually lacked forex to fund even the most essential imports.
The island country is grappling with its worst economic recession since self-reliance in 1948, with regular blackouts and severe scarcities of food and fuel. A number of trade unions joined demonstrators laying siege to President Gotabaya Rajapaksa’s seafront of- fice for an eighth straight day Saturday requiring that he and his federal government quit, with thousands of health workers marching to the Galle Face boardwalk to join the demonstration.
Colombo Stock market officials said they were under pressure from brokers and financiers not to reopen on Mon- day to prevent an anticipated collapse of the marketplace. The CSE stated regulators had revealed issue over the “ability to carry out an organized and fair market” and it would stay closed until Friday due to the “present circumstance”. The CSE’s All Share Index has actually shed over 38% in the past 3 months, while the Sri Lankan rupee has fallen by more than 35% against the US dollar in the past month.
Diplomatic sources said ambassadors have actually made it clear to leading political leaders that any usage of violence against the serene demonstration could jeopardise the planned bailout talks with the IMF next week.
Released at Sun, 17 Apr 2022 01:29:08 +0000