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President assures local debt restructuring will not affect deposits

27 Jun, 2023

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President Ranil Wickremesinghe today assured that local debt restructuring will not affect deposits in the banking system or interest on bank deposits that is currently being paid.

Speaking at the opening ceremony of a new building of the Gampaha District Secretariat, President Wickremesinghe said that the Government anticipates the restructuring of $17 billion out of a total of 41.5 billion of foreign debt within a 5-year period.

Accordingly, he said that local debt should also be restructured.

President Wickremesinghe assured that the restructuring of local debt will not have an impact on the stability of the country?s banking system including any state or private bank under the supervision of the Central Bank.

Sri Lanka will unveil its domestic debt restructuring strategy this week, Central Bank chief P Nandalal Weerasinghe said on Sunday (Jun 25).

The Government will also obtain Parliamentary approval for the debt restructuring strategy this week.

The government declared a special bank holiday which would last from Jun 29 to Jul 3 to protect against any market turbulence following the domestic debt rework announcement.?(Colombo Gazette)

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