21. Chronology of Events in Asian Countries
Thailand | Indonesia | Malaysia | Philippines | others | |
March 1997 | ・ Acquisition of major FCs announced by middle echelon commercial bank (Feb. 28) | ||||
・ Announcement of Names of ten companies , which were lack of liquidity, including FCs.(Mar. 3) | |||||
・ Restrictions eased on land ownership by foreign corporate investors.(Mar. 19) | |||||
April | ・ Proposal by the central bank for promoting finance company mergers(Apr. 2) | ・ Restrictions on financial institution lending for real estate and stock investment implemented. (Apr. 1) | |||
May | ・ Rush to unload bahts. (May 13) | ||||
・ Non-resident baht selling in domestic market restricted. (May 15) | |||||
・ Export promotion measures announced by prime minister (May 25) | |||||
June | ・ Resignation of Finance Minister Amnuay (Jun. 19) | ||||
・ Finance Minister Thanong appointed.(Jun. 20) | |||||
・ Directive encouraging merger of finance companies. (Jun. 24) | |||||
・ Suspension of 16 FCs (Jun. 27) | |||||
July | ・ The exchange rate regime of Baht transformed into managed floating(Jul. 2) | ||||
・ Rupiah/dollar foreign exchange trading band expanded from plus/minus 4% to 6%. (Jul. 11) | ・ Allowance of the peso traded in a broader range announced by the central bank (Jul.11) | ||||
・ Meeting of Japan-Thailand finance ministers. (Jul. 18) | ・ Foreign exchange trading band for Peso (plus/minus 1.5%) abolished.・ Period and amount extended for Extended Fund Facility.(Jul. 18) | ||||
・ The prime minister criticized speculators at the meeting of ASEAN foreign ministers. (Jul. 24) | |||||
・ Thailand requested an assistance from IMF.Negotiations begun between IMF and Thailand (Jul. 29) | |||||
・ Restrictions on buying and holding dollars. (Jul. 30) | |||||
August | ・ Foreign exchange swaps for supplying Ringgit to foreign customers capped.(Restrictions not applied to real demand.) (Aug. 4) | ||||
・ Suspension of 42 FCs (Aug. 5)・ Comprehensive economic measures announced. (Aug. 5) | |||||
・ Interest rates raised by the central bank. (Aug. 8) | ・ Admission of current exchange rateindicated by the prime minister (Aug. 8) | ||||
・ Meeting on financing package hosted by IMF in Tokyo.Financing package of IMF,World Bank, ADB and participating countries announced(totaling $17.2, including the Export-Import Bank's loan equivalent to $4.0 billion)(Aug.11) ・ Meeting of Japan-Thailand finance ministers (Aug. 11) | ・ Statement that Singapore dollar level was not inappropriate by the Monetary Authority | ||||
・ A preliminary agreement on economic program reached between Thailand and IMF (Aug. 13) | |||||
・ Foreign exchange trading band for Rupiah abolished (shift to Independently floating.)(Aug. 14) | ・ Interest rates lowered. (Aug. 14) | ||||
・ Central bank raised interest rates. (Aug. 19) | |||||
・ Stand-By Arrangement for Thailand approved by IMF Board.($3.9 billion for 34 months, of which $1.6 billion approved to disburse.) (Aug. 20) | ・ Overnight lending to commercial banks suspended by the central bank. (Aug. 20) | ||||
・ Liquidity reserve ratios raised. (Aug. 27) | |||||
・ Surcharge tax on real estate purchases by foreigners abolished.Restrictions placed on short selling. (Aug. 28) | |||||
・ Forward selling of Rupiah restricted to maximum of $5 million. (Aug. 29) |
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