Philippines becomes 1st country to suspend all financial markets

The Phillipines has become the first country of the world to suspend all financial markets. The financial shutdown was confirmed from the statements from the Philippine Stock Exchange and the Bankers Association of the Philippines. The Philippine Stock Exchange was closed on 17th of March indefinitely, while currency and bond trading were suspended. The decision to suspend the financial markets was taken in response to the coronavirus pandemic. Phillipines authorities cited risks to the safety of traders as the key reason of shutdown.

The decision to suspend the financial markets is expected to be followed by other exchanges amid a broad lockdown in the Philippines.

Important takeaways for all competitive exams:

• Capital of Philippines: Manila; Currency: Philippine Peso.

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