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  • Philippines
    Wednesday Jul 2, 1997
    1997 Asian financial crisis

    Crisis is triggered

    Philippines
    Wednesday Jul 2, 1997

    Thailand triggered the crisis on 2 July and on 3 July, the Bangko Sentral intervened to defend the peso, raising the overnight rate from 15% to 32% at the onset of the Asian crisis in mid-July 1997.




  • Thailand
    Wednesday Jul 2, 1997
    1997 Asian financial crisis

    Float the Baht

    Thailand
    Wednesday Jul 2, 1997

    Thailand lacked the foreign reserves to support the USD–Baht currency peg, and the Thai government was eventually forced to float the Baht, on 2 July 1997, allowing the value of the Baht to be set by the currency market. This caused a chain reaction of events, eventually culminating into a region-wide crisis.




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