Annual Account Closure Shuts Down Markets

Currency and bond markets are closed on Tuesday due to the annual account closing of banks. This is a routine practice to ensure the financial books are up to date. The closure affects transactions and trading activities, causing a pause in market dynamics for the day.

The financial world stands still on Tuesday as currency and bond markets temporarily shut down. This closure is attributed to the annual account closing process undertaken by banks at this time of year.

This practice is routine and is crucial for banks to ensure their financial statements reflect accurate data for the past year.

While this pause halts regular market activities, it allows institutions to update and verify their records, ensuring a fresh start for the upcoming financial period.

(With inputs from agencies.)