Hundreds of bakeries shut in Sri Lanka after cooking gas runs out

A staff uses a traditional Sri Lankan wooden stove to cook at a hotel during a power outage after two main gas companies have suspended supplies as the country grapples with a severe foreign currency shortage, in Colombo, Sri Lanka March 7, 2022. REUTERS/Dinuka Liyanawatte

Nearly 1,000 bakeries have closed in Sri Lanka due to a severe shortage of cooking gas, an industry association said on Monday, as the impact of dwindling foreign exchange reserves ricochets through the country's economy.

The island nation is facing its worst financial crisis in a decade with foreign exchange reserves shrinking 70% to $2.36 billion in January, leaving the government struggling to pay for imports including food, medicine and fuel.