By Leo Gough
How Did Asia Get From the following… 1997 voted 12 months of the Ringgit overseas usher in Tribune, four January 1997 To right here… reasonable or foul, Yamaichi isn't any extra Asahi night information, 23 January 1998 Malaysia accuses IMF of help for speculators The day-by-day Telegraph (London), 1 September 1997 forex difficulty taken to UN level enterprise instances (Malaysia) 27 September 1997. Bankruptcies holiday files, worst but to return Asahi night information 20 January 1998 Japan debt surprise increases strain on Hashimoto South China Morning prior thirteen January 1998 Is The Miracle Over?
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Extra info for Asia Meltdown: The End of the Miracle?
A survey finds that most banks do not regard Hong Kong as the most risky area in South East Asia, despite the coming June 1997 handover to China. Indonesia is thought the most risky, following the political unrest of 1996. The Chinese yuan, the Taiwan dollar and the South Korean won are expected to increase in strength. 8% in the year ending March 1998. Diary of a Disaster 32 1997 voted year of the ringgit: analysts see Malaysia's currency as best buy in Asia International Herald Tribune, 4 January 1997 Thailand Since the middle of 1995 Thailand's economic growth has shown signs of pressure from serious floods, political unrest and rapidly increasing prices.
Friday 19 September At the two-day Asia-Europe Finance Ministers' meeting (18–19 September), Malaysian Deputy Prime Minister Datuk Seri Anwar Ibrahim says that developing nations may not push for more reforms in the World Trade Organisation liberalisation package if a mechanism to protect emerging markets from excessive speculation is not put in place. He argues that for the path to liberalisation to unfold smoothly, emerging markets must feel Diary of a Disaster 49 protected and not cheated. and calls for the IMF to work out a regulatory framework along the lines of the existing prudential regulations on the banking industry, for hedge funds and investment houses.
Friday 20 June Thanong Bidaya becomes Thailand's new minister of finance. Diary of a Disaster 36 Wednesday 25 June Thanong Bidaya goes in person to the central bank, the Bank of Thailand, to demand detailed figures. He discovers that most of the country's foreign exchange reserves (US$30 billion) are tied up in forward exchange contracts. The country's true foreign reserves are only just over US$1 billion. He also discovers that the Financial Institutions Development Fund (FIDF), which is controlled by the central bank, has lent over US$8 billion to Thailand's troubled financial firms.