Originally Posted by RustyC
Thailand USED to be fixed around 25 but now floats, most recently in the 38-40 range. It was the breaking of the baht peg 7/1/97 that set off a chain reaction of devaluations across Asia and beyond.
The Thai Finance Minister at the time who spent $4.5Bn trying to prop up the Baht has just been convicted of misuse of public funds and fined the full $4.5Bn he spent.