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Sri Lanka declares bank holiday for domestic debt restructuring

IANS
Updated: June 26th, 2023, 15:21 IST
in International
0
Sri Lanka's Parliament open debate on domestic debt restructuring programme
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Colombo: Sri Lanka will have a five-day bank holiday from June 29 to July 3 to provide time for domestic debt restructuring, an official said.

Sri Lankan Central Bank Governor Nandalal Weerasinghe told the media that bank transactions would not be affected during that period.

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Earlier, Weerasinghe emphasized that financial sector stability was a key objective of the central bank, and measures would be taken to ensure the protection of public deposits and the overall stability of the banking system.

Sri Lanka announced a suspension of foreign debt repayments in April 2022 when it was hit by its worst financial crisis since independence.

The International Monetary Fund in March this year approved a 48-month extended arrangement under the Extended Fund Facility to support Sri Lanka’s economic policies and reforms.

IANS

Tags: Bank Holidaydebt restructuringInternational Monetary FundSri Lanka
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