On July 2, 1997, the Thai authorities decided to float the baht, after having practically run out of international reserves in its defence since late 1996.
That move triggered the Asian financial crisis (AFC), a veritable storm over East Asian economies – from Indonesia to Malaysia, South Korea, Philippines and Hong Kong.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you
