Colombo Stock Exchange declares market holiday on Friday

In view of Friday (June 30) being declared as a Special Bank Holiday, the 30th of June 2023 has also been declared as a Market Holiday by the Colombo Stock Exchange (CSE). 

The government had declared a special bank holiday on June 30, 2023.

This was announced in a special gazette notification issued by Prime Minister Dinesh Gunawardena in his capacity as the Minister of Public Administration, Home Affairs, Provincial Councils & Local Government.

The special bank holiday was declared under Section 10(1) of the Holidays Act, No. 29 of 1971.

The Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe announced that that an extended bank holiday was declared from June 29 to July 03, 2023, including June 30, in order to obtain necessary time required for the domestic debt optimization strategy of Sri Lanka.

“The main reason for announcement of bank holiday on (June) 30th was to create a sufficient number of days for domestic debt optimization strategy that has been discussed with the Central Bank and the Ministry of Finance”, he said.

Making a special statement regarding the matter last evening (25), he said: “Continuously, during the dates the debt market and the economy market should not function because their information is very market sensitive… If those proposals are discussed in the public, those sensitive markets are not functioning”.

In addition, the CBSL chief also mentioned that even though June 30th is a bank holiday, all the banking activities that can be done during the period, with banks physically opening or not, can be carried out as usual.

“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.