21. Chronology of Events in Asian Countries
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Thailand |
Indonesia |
Malaysia |
Philippines |
others |
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March 1997 |
・ Acquisition of major FCs announced by middle echelon commercial bank (Feb. 28) |
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・ Announcement of Names of ten companies , which were lack of liquidity, including FCs.(Mar. 3) |
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・ Restrictions eased on land ownership by foreign corporate investors.(Mar. 19) |
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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) |
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May |
・ Rush to unload bahts. (May 13) |
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・ Non-resident baht selling in domestic market restricted. (May 15) |
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・ Export promotion measures announced by prime minister (May 25) |
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June |
・ Resignation of Finance Minister Amnuay (Jun. 19) |
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・ Finance Minister Thanong appointed.(Jun. 20) |
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・ Directive encouraging merger of finance companies. (Jun. 24) |
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・ Suspension of 16 FCs (Jun. 27) |
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July |
・ The exchange rate regime of Baht transformed into managed floating(Jul. 2) |
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・ 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) |
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・ 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) |
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・ The prime minister criticized speculators at the meeting of ASEAN foreign ministers. (Jul. 24) |
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・ Thailand requested an assistance from IMF.Negotiations begun between IMF and Thailand (Jul. 29) |
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・ Restrictions on buying and holding dollars. (Jul. 30) |
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August |
・ Foreign exchange swaps for supplying Ringgit to foreign customers capped.(Restrictions not applied to real demand.) (Aug. 4) |
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・ Suspension of 42 FCs (Aug. 5)・ Comprehensive economic measures announced. (Aug. 5) |
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・ Interest rates raised by the central bank. (Aug. 8) |
・ Admission of current exchange rateindicated by the prime minister (Aug. 8) |
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・ 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 |
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・ A preliminary agreement on economic program reached between Thailand and IMF (Aug. 13) |
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・ Foreign exchange trading band for Rupiah abolished (shift to Independently floating.)(Aug. 14) |
・ Interest rates lowered. (Aug. 14) |
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・ Central bank raised interest rates. (Aug. 19) |
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・ 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) |
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・ Liquidity reserve ratios raised. (Aug. 27) |
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・ Surcharge tax on real estate purchases by foreigners abolished.Restrictions placed on short selling. (Aug. 28) |
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・ Forward selling of Rupiah restricted to maximum of $5 million. (Aug. 29) |
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