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  • IIndonesia
    Thursday Aug 14, 1997

    1997 Asian financial crisis

    A Free-floating exchange rate

    IIndonesia
    Thursday Aug 14, 1997

    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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