1997 Asian financial crisis - A Free-floating exchange rate
Time: Thursday Aug 14, 1997
Place: Indonesia
Details: On 14 August 1997, the managed floating exchange regime was replaced by a free-floating exchange rate arrangement. The rupiah dropped further. The IMF came forward with a rescue package of $23 billion, but the rupiah was sinking further amid fears over corporate debts, massive selling of rupiah, and strong demand for dollars.
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