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21. Chronology of Events in Asian Countries

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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