The Colombo Stock Exchange (CSE) has declared Friday (June 30) a market holiday in line with the special bank holiday declared by the government.

The government had declared a special bank holiday on June 30, 2023, under Section 10(1) of the Holidays Act, No. 29 of 1971.

The special bank holiday was declared via 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.

Earlier, Central Bank Governor Dr. Nandalal Weerasinghe revealed that local depositors are assured of the safety of their deposits and that interests will not be affected. 

According to media reports, analysts believe the government, planning to announce a Domestic Debt Restructuring (DDR) on Wednesday, wanted a longer weekend to provide a suitable buffer for any potential market reactions to significant financial announcements.

Anticipating the announcement on DDR, the government expects that this cooling-off period of five days would minimise the potential frenzy in the sector, they said.

The five-day bank holiday covers the Hajj festival (Thursday, June 29), a special bank holiday (Friday, June 30), Saturday (July 1), Sunday (July 2), and the Esala Poya (Monday, July 3).