Lesson 1 / 5 · 10 min · take your time
2 July 1997: the baht left the peg
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2 July 1997: the baht left the peg
On 2 July 1997 the Bank of Thailand let the baht , in the usual telling, after defending a peg against the dollar. That Tuesday is the usual classroom door into the Asian financial crisis. Indonesia, Korea, Malaysia followed in their own weeks. A peg is a policy. A float is a policy. Neither is a reason this desk sizes a pair.
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On 2 July 1997 the Bank of Thailand let the baht , in the usual telling, after defending a peg against the dollar. That Tuesday is the usual classroom door into the Asian financial crisis. Indonesia, Korea, Malaysia followed in their own weeks. A peg is a policy. A float is a policy. Neither is a reason this desk sizes a pair.
The story under that week: short-term dollar debts, a property , and a peg that had looked like a law. When the peg went, the unit’s jumped, and firms that owed dollars had a local-unit hole. Currency mismatch is the classroom word. A word is not a short ticket.
IMF programs sat in several of those rooms later. Nominative: the Fund stays with that shop. We do not speak for them. We do not lend to a state.
Human: 2 July 1997 is a Tuesday. A Tuesday is not a season that repeats because a thread found a rhyme.
See it on the board: Euro / US dollar
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