The Colombo Stock Exchange (CSE) has proclaimed June 30, 2023, a Market Holiday in light of Friday (June 30) being declared a Special Bank Holiday.
On June 30, 2023, the government had proclaimed a special bank holiday.
Prime Minister Dinesh Gunawardena, who is also the Minister of Public Administration, Home Affairs, Provincial Councils, and Local Government, made this announcement in a special gazette notification.
In accordance with Section 10(1) of the Holidays Act, No. 29 of 1971, the special bank holiday was declared.
In order to provide the necessary time for Sri Lanka’s domestic debt optimization strategy, an extended bank holiday has been issued from June 29 to July 3, 2023, including June 30. This was announced by Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL).
According to him, the primary purpose of the bank holiday announcement on June 30 was to provide a sufficient amount of time for the domestic debt optimization approach that had been agreed with the Ministry of Finance and the Central Bank.
Last night (25), he issued a special statement on the subject, stating: “Continuously, throughout the dates, the debt market and the economy market should not function because their information is particularly market sensitive… These delicate markets are not operating if those recommendations are publicized in public.
Additionally, the CBSL chief said that even though June 30th is a bank holiday, any banking activities that can be done during the time can be done as usual, whether banks are physically open or not.
“For an example the internet banking, ATM withdrawals and fund transfers on accounts that can be done with banks physically opening or not [can be carried out]”, he said.
He also assured that no deposit in any bank in the country will be affected in the process of restructuring domestic debt and that interests will not be affected.
