September 02, 1997

This summer Thailand delivered the foreign exchange markets a wake-up call. The countrys battle defending its currency ended July 2 when it freed the baht from its peg with the dollar. The Thai currency promptly fell 15%. The emerging market nations in the Southeast Asia region suffered currency pressures of their own. Early on the press said the Thai correction was inevitable, the product of an overly strong currency that was choking net exports. Advocates of the move have said that by floating (devaluing) the baht, Thailands competitiveness in the global economy would improve.

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