Trading on the Colombo Stock Exchange, Sri Lanka’s stock market, which is facing deep financial and political crisis, will be closed for a week. The Sri Lanka Securities and Exchange Commission (SEC) has given this information by issuing a statement.
The SEC said that this decision has been taken with the intention of giving investors an opportunity to create more clarity and understanding about the market. Trading in Colombo stock market will be temporarily closed starting from 18th April till 22nd April.
The board of directors of the Colombo Stock Exchange had requested the SEC a day ago to temporarily close trading. For this the current situation in Sri Lanka was cited. The SEC has taken this decision in view of the severe economic crisis in Sri Lanka for the past few weeks and the subsequent political instability.
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Sri Lanka also has a severe shortage of foreign exchange needed to buy fuel and everyday items. The situation has become such that the Sri Lankan government has postponed the payment of foreign debts.