Thailand receives a $17 billion loan from the
IMF and agrees to adopt tough economic
measures in return.
Aug. 5, 1997
Thailand changes its exchange rate system
from fixed exchange rate to managed-floated.
At the same time, the Thai government also
requests "technical assistance" from the IMF.
July 2, 1997
Foreign speculators attack the baht. Thailand
spends 90% of foreign reserves to defend the
baht against speculative attack.
May, 1997
Thai economic boom periods but with chronic
CA deficit, weak financial systems and
overvalued domestic currency.