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.
Airbus A300B4-220, Garuda Indonesia Flight 152, which departed from Jakarta, Indonesia, and was preparing to land at Medan, North Sumatra, crashed into mountainous terrain, killing 222 passengers and 12 crew members. The causes included turning left instead of right as instructed by the ATC and descending below the assigned altitude of 2,000 feet due to pilot error.