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  • Indonesia
    Jun, 1997
    1997 Asian financial crisis

    Trade surplus of more than $900 million

    Indonesia
    Jun, 1997

    In June 1997, Indonesia seemed far from crisis. Unlike Thailand, Indonesia had low inflation, a trade surplus of more than $900 million, huge foreign exchange reserves of more than $20 billion, and a good banking sector. But a large number of Indonesian corporations had been borrowing in U.S. dollars. During the preceding years, as the rupiah had strengthened respective to the dollar, this practice had worked well for these corporations; their effective levels of debt and financing costs had decreased as the local currency's value rose.




  • Indonesia
    Jul, 1997
    1997 Asian financial crisis

    Indonesia's monetary authorities widened the rupiah currency trading band

    Indonesia
    Jul, 1997

    In July 1997, when Thailand float the baht, Indonesia's monetary authorities widened the rupiah currency trading band from 8% to 12%. The rupiah suddenly came under severe attack in August.




  • Indonesia
    Thursday Aug 14, 1997
    1997 Asian financial crisis

    A Free-floating exchange rate

    Indonesia
    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.




  • Indonesia
    Sep, 1997
    1997 Asian financial crisis

    A historic low

    Indonesia
    Sep, 1997

    The rupiah and the Jakarta Stock Exchange touched a historic low in September. Moody's eventually downgraded Indonesia's long-term debt to "junk bond".




  • Mountainous terrain, Medan, North Sumatra
    Friday Sep 26, 1997
    Plane Accidents

    Garuda Indonesia Flight 152

    Mountainous terrain, Medan, North Sumatra
    Friday Sep 26, 1997

    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.




  • Indonesia
    Jun, 1997
    1997 Asian financial crisis

    Trade surplus of more than $900 million

    Indonesia
    Jun, 1997

    In June 1997, Indonesia seemed far from crisis. Unlike Thailand, Indonesia had low inflation, a trade surplus of more than $900 million, huge foreign exchange reserves of more than $20 billion, and a good banking sector. But a large number of Indonesian corporations had been borrowing in U.S. dollars. During the preceding years, as the rupiah had strengthened respective to the dollar, this practice had worked well for these corporations; their effective levels of debt and financing costs had decreased as the local currency's value rose.




  • Indonesia
    Jul, 1997
    1997 Asian financial crisis

    Indonesia's monetary authorities widened the rupiah currency trading band

    Indonesia
    Jul, 1997

    In July 1997, when Thailand float the baht, Indonesia's monetary authorities widened the rupiah currency trading band from 8% to 12%. The rupiah suddenly came under severe attack in August.


  • Indonesia
    Thursday Aug 14, 1997
    1997 Asian financial crisis

    A Free-floating exchange rate

    Indonesia
    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.


  • Indonesia
    Sep, 1997
    1997 Asian financial crisis

    A historic low

    Indonesia
    Sep, 1997

    The rupiah and the Jakarta Stock Exchange touched a historic low in September. Moody's eventually downgraded Indonesia's long-term debt to "junk bond".


  • Mountainous terrain, Medan, North Sumatra
    Friday Sep 26, 1997
    Plane Accidents

    Garuda Indonesia Flight 152

    Mountainous terrain, Medan, North Sumatra
    Friday Sep 26, 1997

    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.


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