PROTESTS IN SRI LANKA HAVE FORCED THE STOCK EXCHANGE TO CLOSE FOR FIVE DAYS

  • 17/04/2022

Colombo: Sri Lanka imposed a five-day stock market halt on Saturday, after the crisis-hit government raised interest rates and declared a default on its foreign debt over the traditional New Year vacation, prompting trade unions and top cricketers to join protests calling for the president's resignation. The decision comes ahead of Colombo's scheduled talks with the International Monetary Fund (IMF) in Washington on Monday to discuss a bailout, since the government has run out of foreign money to fund even the most basic imports. 


The island nation is experiencing its worst economic downturn since its 1948 independence, with regular blackouts and severe food and fuel shortages. Thousands of health workers marched to the Galle Face promenade to join activists laying siege to President Gotabaya Rajapaksa's oceanfront office for an eighth day Saturday, demanding that he and his cabinet resign. 

Officials at the Colombo Stock Exchange said they were under pressure from brokers and investors not to reopen on Monday to avoid a market crash. The CSE said that officials were concerned about the "capacity to conduct an orderly and fair market," and that it will remain closed until Friday because of the "current circumstances." In the last three months, the CSE's All Share Index has lost more than 38% of its value, while the Sri Lankan rupee has lost more than 35% of its value versus the US dollar.

Ambassadors have warned top politicians that any use of violence against the nonviolent protest might jeopardise next week's planned bailout talks with the IMF, according to diplomatic sources.

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