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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 18 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 ...
Between 1985 and 1994, Thailand was the world's fastest growing economy according to the World Bank. [1] Foreign investment primarily from Japan turned Thailand into a manufacturing hub in Southeast Asia by the end of the century. [2] The 1997 Asian financial crisis culminated in populist Thaksin Shinawatra's victory in the 2001 Thai general ...
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 ...
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On July 2, 1997, Thailand changed its 13-year-old fixed exchange-rate system. As the exchange rate changed, the price of Thai baht in the foreign-exchange market fell. This was a cause of the East Asian financial crisis. [3] On May 21 of that year, the IMF was asked to provide liquidity-adjustment funds. [3]