Key dates in SE Asia financial crisis<\/p>\n
SINGAPORE (Reuter): Indonesia's announcement yesterday that it
\nwill seek assistance from the International Monetary Fund was the
\nlatest development in Southeast Asia's financial crisis.
\nThe following are key dates:<\/p>\n
May 14-15: Thailand's baht currency is hit by a massive
\nattack by speculators who decided Thailand's slowing economy and
\npolitical instability meant it was time to sell. Thailand and
\nSingapore jointly intervene to defend the baht.<\/p>\n
The Philippines is affected. The central bank raises the
\novernight rate 1-3\/4 percentage points to 13 percent and dumps
\ndollars.<\/p>\n
June 27: The Thai central bank suspends operations of 16
\ncash-strapped finance companies and orders them to submit merger
\nor consolidation plans.<\/p>\n
July 2: The Bank of Thailand announces a managed float of the
\nbaht and calls on the International Monetary Fund for \"technical
\nassistance\".<\/p>\n
The announcement effectively devalues the baht by about 15-20
\npercent. It ends at a record low of 28.80 to the dollar.
\nIn Manila, the central bank is forced to intervene heavily to
\ndefend the peso.<\/p>\n
July 8: Malaysia's central bank Bank Negara has to intervene
\naggressively to defend the ringgit. The intervention works and
\nthe currency hits a high of 2.5100\/10 after a low of 2.5240\/50.<\/p>\n
July 11: The Philippine central bank says in a statement it
\nwill allow the peso to move in a wider range against the dollar.<\/p>\n
In Indonesia, the rupiah is starting to be affected. In a
\nsurprise move, Jakarta widens its rupiah trading band to 12 from
\neight percent.<\/p>\n
July 14: The IMF offers the Philippines almost $1.1 billion
\nin financial support under fast-track regulations drawn up after
\nthe 1995 Mexican crisis.<\/p>\n
July 24: Currency meltdown.<\/p>\n
The ringgit hits 38-month low of 2.6530 to the dollar.
\nMalaysian Prime Minister Mahathir Mohamad launches bitter attack
\non \"rogue speculators\".<\/p>\n
The Singapore dollar hits 32-month low of 1.4738 to the
\ndollar.<\/p>\n
August 5: Thailand unveils austerity plan and complete revamp
\nof finance sector as part of IMF suggested policies for a rescue
\npackage. Central bank suspends 48 finance firms.<\/p>\n
August 11: The IMF unveils in Tokyo a rescue package for
\nThailand including loans totalling $16 billion from the IMF and
\nAsian nations.<\/p>\n
August 13: The rupiah begins to come under severe pressure.
\nIt hits a historic low of 2,682 to the dollar before ending at
\n2,655. The central bank actively intervenes in its defence.<\/p>\n
August 14: Indonesia abolishes its system of managing the
\nexchange rate through the use of a band. The rupiah plunges to
\n2,755.<\/p>\n
August 20: IMF approves a $3.9 billion credit for Thailand.
\nThe package now totals $16.7 billion.<\/p>\n
August 27: Brunei adds $500 million more to Thailand's
\nbailout package, bringing it to a total of $17.2 billion.<\/p>\n
Sept 2: A falling equity market helps push the Philippine
\npeso to a record low of 30.90 to the dollar.
\nIn Jakarta, the rupiah ends at 3,045.<\/p>\n
Sept 3: Indonesia announces measures to revive investor
\nconfidence in the country, including scrapping a 49 percent limit
\non foreign purchases of shares at initial public offerings and a
\nhike in luxury taxes.<\/p>\n
The package has little impact on the rupiah.<\/p>\n
Sept 4: Carnage in the Philippine peso continues. It falls to
\na record low of 32.43 to the dollar before central bank
\nintervention helps it up slightly to end at 32.38.<\/p>\n
Ringgit breaks through 3.0000 to the dollar barrier.<\/p>\n
Sept 16: Indonesia says it will postpone projects worth Rp 39
\ntrillion in an attempt to slash the budget shortfall.<\/p>\n
Oct 6: The rupiah hits a low of 3,845. Dealers are now
\ntalking of the possibility of Indonesia having to go to the IMF
\nfor help.<\/p>\n
Oct 8: Indonesia says it will ask the IMF for financial
\nassistance.<\/p>\n
Here is the latest state of play (as of 0720 GMT) of the
\nregional currencies in terms of their fall against the U.S.
\ndollar since July 1.<\/p>\n
Percentage closes have been calculated as the local currency's
\nfall against the dollar, not the dollar's rise against the local
\ncurrency.<\/p>\n
July 1 Oct 8 Pct fall<\/p>\n
Ringgit 2.524 3.1950 -21.00<\/p>\n
Rupiah 2431 3660 -33.58<\/p>\n
Peso 26.35 35.53 -25.83<\/p>\n
Baht (onshore) 25.88 36.50 -29.10<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/key-dates-in-se-asia-financial-crisis-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }