INDONESIA

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Indonesia :

Indonesia The Asian financial crisis was a period of financial crisis that gripped much of Asia beginning in July 1997. During the preceding years, as the rupiah had strengthened respective to the dollar. In July 1997, when Thailand floated the baht, Indonesia's monetary authorities widened the rupiah trading band from 8% to 12 %. Suharto resigned under public pressure in May 1998 and Vice President B. J. Habibie was elevated in his place. Before the crisis, the exchange rate between the rupiah and the dollar was roughly 2,600 rupiah to 1 USD . The rate plunged to over 11,000 rupiah to 1 USD on 9 January 1998, with spot rates over 14,000 during January 23–26 and trading again over 14,000 for about six weeks during June–July 1998.