Search results
Results From The WOW.Com Content Network
However, Thailand lacked the foreign reserves to support the USD–Baht currency peg, and the Thai government was eventually forced to float the Baht, on 2 July 1997, allowing the value of the Baht to be set by the currency market. This caused a chain reaction of events, eventually culminating into a region-wide crisis. [40]
The Thai government initially attempted to protect the Baht by buying it back and expending its international reserves, but was ultimately forced to float the currency. [6] In August 1997, the IMF unveiled a relief package for Thailand that would offer a total of 17.2 billion US dollar's worth of bilateral and multilateral assistance.
[9] [10] A strengthening US economy caused Thailand to re-peg its currency at 25 to the dollar from 1984 until 2 July 1997, when the country was affected by the 1997 Asian financial crisis. The baht was floated and halved in value, reaching its lowest rate of 56 to the dollar in January 1998.
This is an accepted version of this page This is the latest accepted revision, reviewed on 28 January 2025. Economy of Thailand Bangkok, the commercial hub of Thailand Currency Thai baht (THB, ฿) Fiscal year 1 October – 30 September Trade organisations WTO, APEC, IOR-ARC, ASEAN, RCEP Country group Developing/Emerging Upper-middle income economy Newly industrialized country Statistics ...
Thailand's recently appointed finance minister, Predee Daochai, has resigned as the government struggles to pull Southeast Asia's second-largest economy out of a slump caused by the coronavirus ...
After the crisis, finance ministers of members of the Association of Southeast Asian Nations (ASEAN), the People's Republic of China, Japan, and South Korea met on 6 May 2000 at the 33rd Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Chiang Mai, Thailand, to discuss the establishment of a network of bilateral ...
Thailand's new government will use its controversial digital handout plan to spend its way out of what it calls an economic "crisis" without making any major cutbacks or hitting its credit ratings ...
For premium support please call: 800-290-4726 more ways to reach us