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The 1997 Asian financial crisis was a period of financial crisis that gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to financial contagion . [ 1 ]
In 1997, Soros was blamed for forcing sharp devaluations in Southeast Asian currencies. [3] On February 14, 1994, the funds had a major loss of $600 million in one day betting against the Japanese yen. [1] The fund lost US$2 billion in investments in Russia during the 1998 Russian financial crisis. [4]
George Soros [a] (born György Schwartz; August 12, 1930) [1] [2] is an American [b] investor and philanthropist. [7] [8] As of October 2023, he had a net worth of US$6.7 billion, [9] [10] having donated more than $32 billion to the Open Society Foundations, [11] of which $15 billion has already been distributed, representing 64% of his original fortune.
Indonesia followed Thailand in abandoning the fixed exchange rate of its currency on 14 August 1997. [33] The rupiah further devalued to its lowest point following the signing of the second IMF letter of intent on 15 January 1998. The 1997 Asian financial crisis that began to affect Indonesia mid-year became an economic and political crisis ...
Indonesia followed the Kingdom of Thailand in abandoning the fixed exchange rate of its currency on 14 August 1997. [11] The rupiah further devalued to its lowest point following the signing of the second IMF letter of intent on 15 January 1998. In the second half of 1997, Indonesia became the country hardest hit by the 1997 Asian financial crisis.
Non-tariff barriers, rent-seeking by state-owned enterprises, domestic subsidies, barriers to domestic trade and export restrictions all created economic distortions. The 1997 Asian financial crisis that began to affect Indonesia became an economic and political crisis. The initial response was to float the rupiah, raise key domestic interest ...
The proposal was that an institution be formed to work towards setting up a regional network funded by Asian countries to overcome current and future economic crisis. [2] During the Asian financial crisis, Asian leaders had difficulties in dealing with both regional and international institutions such as the Association of Southeast Asian ...
The 1997-98 Asian financial crisis resulted in the collapse of 64 Indonesian banks. [2] Numerous problematic banks were taken over by the government, which restructured and merged some of them. Prior to the crisis, Bank Bali was Indonesia's fourth-largest privately owned bank and was considered well managed. [3]