[ad_1]
Kethmanee Nantaratnapong
July 2, 2018 is the 21st year of the floating of the baht on July 2, 1997, not only recorded in the history of Thailand.
More than 21 years ago, the first chapter of the crisis caused Tom Yum Kung. "Tom Yam Kung Disease" was the mistake of free market policy in 1990 and led to the opening of Bangkok International Banking Facilities (BIBF) in September 1992. The full or complete name of the committee of Study and recommendations on measures to improve the management of the country's financial system. The government of this period was created in 1997 to summarize the economic crisis of 1997 and the analysis of economists. Many researchers The reason is that one of the causes of shrimp soup.
Because after the government of Thailand is Prime Minister Chuan Leekpai. And Mr. Tarin Nimmanhaemin Minister of Finance Apply a liberal finance policy. In the economic boom of Thailand, the export sector has grown enormously. A means for commercial banks to set up international banking facilities. Due to the expansion of the country's financial system and the impact of bad debts in the financial system, it is easy to borrow money from foreign financial institutions. to lend to Thai companies to take advantage of the interests. Loan
According to data collected by the People's Republic of China in 1997, Thailand's external debt rose to US $ 109,276 million. The short-term external debt accounted for 65% of the total external debt
. Companies hope to expand their business during a boom period. The real estate sector has purchased land for development. As a result, land prices have risen sharply, speculation has become a bubble economy.
Until 1996, the economy was not going in the same direction. While the export-dependent Thai economy sector has contracted sharply from its previous strong growth in 1995, from 24.82% to -1.9%, the account deficit current was dug in 1987. Many Current Account Deficit at $ 14,350 Million And became a weakness to open the chain for foreign funds or hedge funds George Soros attacked the Thai currency sharply. Bank of Thailand National Bank decides to fight against the turn. I used to have foreign currency reserves almost
but the more the fight broke out. The government was General Chavalit Yongchaiyudh, Prime Minister, and Mr. Thanong Bidaya was appointed Minister of Finance. Thailand's exchange rate system changes from a fixed system. The currency basket is based primarily on US dollars. As a result, the Thai business sector is falling into a domino effect. The debt is more than doubled by 25 baht per US dollar. Reduced to 56 baht per US dollar. In January 1998, financial institutions had a debt of 2.5 trillion baht and 58 financial institutions were suspended, forcing their employees to lose their jobs. The Thai economy is slow. The growth rate or GDP increased by 10.1% in 1996, compared with 2.2% in 1998. In 1998, the index peaked at 1,400, rising to 200 points in 1998 and ultimately demanding l & # 39; access. IMF calls for $ 1.72 million loan to revive Thai economy
. The fifth tiger from Asia to today, no one has mentioned it yet.
Source: Matichon Online
[ad_2]
Source link
