Economics & Industry

Thailand's Baht Float Initiates Financial Crisis

The Bank of Thailand announced the floating of the baht, shifting its currency from a fixed exchange rate to a market-based system. This pivotal decision aimed to alleviate pressures from speculative attacks but instead sparked turmoil in financial markets across the region. As investors lost confidence, capital flight ensued, resulting in a steep depreciation of the baht and triggering widespread economic instability that rapidly spread to neighboring countries.

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