The impact on many banks was rapid and calamitous. The Government liquidated 16 private domestic banks in November. The lack of confidence in the banking sector was dramatically demonstrated later that month when rumours of the death of the major shareholder of Indonesia's largest private bank, Bank Central Asia, almost sparked off a run on the Bank.(6) Meanwhile the rupiah continued to fall far beyond all predictions. By the beginning of January 1998 the Indonesian currency had tumbled to 10 000 to the dollar, a 75 per cent devaluation since mid-1997. By the end of January the rupiah fell to its low-point of 17 000 to the dollar and has traded in the 9 000 to 10 000 range since that time. This was also accompanied by a deep slump in the stock market, with the index falling from 720 in July to 600 in August and falling a total of 75 per cent by mid-December.