By Leo Gough
How Did Asia Get From right here… 1997 voted 12 months of the Ringgit foreign usher in Tribune, four January 1997 To right here… reasonable or foul, Yamaichi is not any extra Asahi night information, 23 January 1998 Malaysia accuses IMF of aid for speculators The day-by-day Telegraph (London), 1 September 1997 forex hindrance taken to UN degree enterprise instances (Malaysia) 27 September 1997. Bankruptcies holiday documents, 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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Additional resources for Asia Meltdown: The End of the Miracle?
Friday 11 July Malaysia's acting Prime Minister Anwar Ibrahim says that international funds speculating heavily against the ringgit do not understand the region. Finance minister Datuk Seri Anwar says that the ringgit should not come under undue pressure because Malaysia has political stability and good economic fundamentals. Says another minister, 'We have been telling people we are not Thailand, but they still believe we are ... ' When he is asked why local funds were not supporting the stock market after foreign funds left in March, he replies: 'This is not really a mature market.
They instruct ten finance companies with liquidity problems to increase their capital by more than US$300 million. This leads to a run on the deposits of the ten companies involved. Later that week, Michel Camdessus, the chief of the International Monetary Fund (IMF), reproaches the Thai financial regulators for lax supervision. He reassures investors, however, by saying 'I don't see any reason for this crisis to develop further'. The Thai stock exchange (SET) falls all week but recovers on Friday, at which point it is 17% down since the beginning of the year.
Analysts comment that Taiwan has been able to protect itself from the currency turmoil amongst its neighbours. Diary of a Disaster 53 Falling value of ringgit may worsen Johor's labour woes: states adopt measures to cut costs Singapore Straits Times, 26 September 1997 Friday 26 September Malaysians are seeking jobs in Singapore because of the weak ringgit. Meanwhile foreigners, including many Singaporeans, are shopping in Malaysia to take advantage of low prices. Nick Douch, emerging markets specialist at Barclays Bank in London, says 'Attention has been focused on short sellers aiming to gain from the currency's decline, but the real reason for the slide is that holders who bought the currency and investments before the crisis are trying to get out in an illiquid market'.