October 3, 2022

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Colombo Stock Exchange to remain shut next week as Lanka struggles to combat forex crisis

The Colombo Stock Exchange will remain temporarily closed for a week from Monday to provide investors an opportunity to have “more clarity and understanding” of the current economic conditions in crisis-hit Sri Lanka that would help them “to make informed investment decisions,” it was announced on Saturday.

“The stock market will remain temporarily closed for a period of five business days from April 18, 2022,” the Securities and Exchange Commission of Sri Lanka (SEC) said in a press release.

Sri Lanka is facing its worst economic crisis since gaining independence from the UK in 1948. The economic crisis also triggered a political turmoil in the island nation with citizens holding nationwide street protests for weeks over lengthy power cuts and shortage of fuel, food and other daily essentials and demanding ouster of President Gotabaya Rajapaksa.