Sri Lanka imposes 5 day bank holiday

Sri Lanka began a five-day bank holiday from Thursday to allow the crisis-hit nation to restructure $42bn (£33.2bn) in domestic debt.

The country is facing its worst economic crisis since it won independence from the British in 1948.

There are fears that the government's restructuring plan could lead to volatility in financial markets.

Debt restructuring can involve the extension of the period over which a loan is repaid.

The plans include a 30% "haircut" - or reduction - on some government bonds held by international lenders, central bank governor Nandalal Weerasinghe announced on Thursday.
...

Click to expand...