Thai Baht Collapses, Triggering Asian Financial Crisis
On July 2, 1997, Thailand devalued the Thai baht after exhausting foreign currency reserves, marking the beginning of the Asian Financial Crisis. The currency fell from 25 baht per U.S. dollar to 54 baht per dollar by January 1998. The IMF and global financial institutions mobilized over $118 …
Thai Central Bank
IMF
World Bank
McKinsey & Company
Bank of Thailand
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