On 2 July 1997, the Thai government unpegged the baht from its fixed exchange rate around 25 baht to a US dollar. This followed a series of attacks on the baht by international speculators, spurred by signs that the Thai economy had become badly distorted and the currency vulnerable. The Bank of Thailand's attempts to defend the baht against these speculative attacks had sacrificed most of the country's currency reserves, forcing the government to seek help from the IMF. As a condition of its help in raising a US$17.2 billion loan, the IMF insisted that the Thai government unpeg the currency and reveal the state of the reserves. Short-term capital stampeded out of the country, and the baht plummeted to a low of 53 baht to the dollar in early 1998.