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Thailand, Malaysia and the Philippines: Currency Crisis

Published online by Cambridge University Press:  13 February 2009

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Extract

In response to recent developments, Thailand's exchange rate system has been changed, effective July 2, 1997, to a managed float, with the value of the baht being determined by market forces in line with economic fundamentals. To support the new exchange rate policy, the Bank of Thailand has raised the Bank Rate from 10.5 percent to 12.5 percent. The Thai authorities are also considering supplementary measures to alleviate potential negative effects on debt servicing and prices that may result from adjustments in the value of the baht.

Type
Southeast Asia
Information
Foreign Policy Bulletin , Volume 8 , Issue 5 , October 1997 , pp. 115
Copyright
Copyright © Cambridge University Press 1997

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References

1. International Monetary Fund News Brief (No. 97/12), July 2, 1997.

2. Department of State Press Release, July 28, 1997.

3. Treasury Department Press Release (RR-1865), August 5, 1997.

4. Treasury Department Press Release (RR-1871), August 7, 1997.

5. Treasury Department Press Release (RR-1878), August 11, 1997.