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The Thai baht’s untold story as the world’s most resilient currency
After Thailand became ground zero in the Asian financial crisis, the baht achieved a long-running stability
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Thailand has achieved financial stability despite constant political upheaval.
PHOTO: REUTERS
Ruchir Sharma
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In February of 1998, 25 years ago this month, I was in Bangkok, ground zero of the Asian financial crisis.
The implosion of the Thai baht had triggered a serial meltdown of currencies and markets, with protesters in the streets across the region and chaos spreading. As world leaders raced to slow the global contagion, Thailand and its neighbours had sunk into a depression.
