Key dates in Asia's financial woes as reported to IMF

Key dates in Asia's financial woes as reported to IMF

SINGAPORE (Reuters): South Korea said yesterday it was talking to the International Monetary Fund (IMF) about emergency loans. This was the latest development in a string of financial crises across Asia.

The following are key dates:

May 14-15: Thailand's baht currency is hit by a massive attack by speculators who decided Thailand's slowing economy and political instability meant it was time to sell. Thailand and Singapore jointly intervene to defend the baht.

July 2: The Bank of Thailand announces a managed float of the baht and calls on the International Monetary Fund for "technical assistance".

The announcement effectively devalues the baht by 15-20 percent. It ends at a record low of 28.80 to the dollar.

July 11: The Philippine central bank says in a statement it will allow the peso to move in a wider range against the dollar. In Indonesia, the rupiah is starting to be affected.

In a surprise move, Jakarta widens its rupiah trading band to 12 from eight percent.

July 14: The IMF offers the Philippines almost $1.1 billion in financial support under fast-track regulations drawn up after the 1995 Mexican crisis.

Aug. 11: The IMF unveils in Tokyo a rescue package for Thailand including loans totaling $16 billion from the IMF and Asian nations.

Aug. 13: The rupiah begins to come under severe pressure. It hits an historic low of 2,682 to the dollar before ending at 2,655. The central bank actively intervenes in its defense.

Aug. 14: Indonesia abolishes its system of managing the exchange rate through the use of a band. The rupiah plunges to 2,755.

Aug. 19: The South Korean won hits an all time low of 901 to the dollar. The currency has been sliding gradually during the year. On January 1 it stood at 842.

Aug. 20: The IMF approves a $3.9 billion credit for Thailand. The package now totals $16.7 billion. Brunei later adds $500 million to the bailout package, bringing it to a total of $17.2 billion.

Oct. 8: Indonesia says it will ask the IMF for financial assistance.

Oct. 31: The IMF package for Indonesia is unveiled. It provides for as much as $40 billion in aid, although the front- line defense is $23 billion.

Nov. 1: The won will "never, never, never" breach the psychologically important 1000 barrier a Korean central bank official says.

Nov. 2: Indonesia announces the liquidation of 16 unhealthy banks under the IMF economic reform program.

Nov. 4: Thailand's government collapses as Prime Minister Chavalit Yongchaiyudh resigns. The baht rises to 38.75 from 40.95 on the unpopular premier's departure.

Nov. 9: Chuan is appointed new Thai premier.

Nov. 10: The won closes at 999.00 to the dollar.

Nov. 17: South Korea cracks. The central bank announces it will no longer defend the 986 level to the dollar. The won immediately falls its daily limit down to 1008.60.

Nov. 19: Korean finance minister Kang Kyong-shik resigns to take responsibility for the financial turmoil. South Korea also widens its daily band limit on the won to 10 percent.

Nov. 21: Finance ministry official announces that Seoul is discussing details of a bailout package with the IMF.