Historydraft LogoHistorydraft Logo
Historydraft
beta
Historydraft Logo
Historydraft
beta

1997 Asian financial crisis

Float the Baht

Wednesday Jul 2, 1997
Thailand

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.


<