{
  "title": "News Brief: IMF Welcomes Thailand’s Exchange Rate Action",
  "publication": "IMF News, July 2, 1997",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/29/18/03/nb9712",
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  "summary": "Effective July 2, 1997, \"Thailand’s exchange rate system has been changed ... to a managed float, with the value of the baht being determined by market forces in line with economic fundamentals.\"",
  "publishDate": "1997-07-02",
  "sections": [
    {
      "heading": "Exchange rate policy change",
      "content": "- Effective July 2, 1997, \"Thailand’s exchange rate system has been changed ... to a managed float, with the value of the baht being determined by market forces in line with economic fundamentals.\"\n- Objective: align the baht’s value with market forces and economic fundamentals to address recent developments."
    },
    {
      "heading": "Monetary policy action",
      "content": "- Bank of Thailand has raised the Bank Rate from 10.5 percent to 12.5 percent.\n- Purpose: to support the new exchange rate policy."
    },
    {
      "heading": "Complementary measures and considerations",
      "content": "- Thai authorities are \"considering supplementary measures to alleviate potential negative effects on debt servicing and prices that may result from adjustments in the value of the baht.\"\n- Measures are intended to mitigate adverse impacts on debt servicing and price stability stemming from exchange rate adjustments."
    },
    {
      "heading": "Fiscal, financial, and technical assistance",
      "content": "- Actions are \"in conjunction with the recent measures in the financial sector, and the previously announced strengthening of fiscal policy.\"\n- IMF assessment: the Fund \"welcomes today’s important steps aimed at addressing Thailand’s present economic difficulties and adopting a comprehensive strategy to ensure macroeconomic adjustment and financial stability.\"\n- The Thai authorities have requested technical assistance from the IMF for implementation, and \"the IMF will be responding rapidly to these requests.\"\n\nSource: News Brief: IMF Welcomes Thailand’s Exchange Rate Action — July 2, 1997, IMF External Relations Department.\n\n---\n\n\n References\n\n- Thailand and the IMF\n- News Briefs\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/29/18/03/nb9712"
    }
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    "Published: July 2, 1997",
    "Effective July 2, 1997, \"Thailand’s exchange rate system has been changed ... to a managed float, with the value of the baht being determined by market forces in line with economic fundamentals.\"",
    "Objective: align the baht’s value with market forces and economic fundamentals to address recent developments.",
    "Bank of Thailand has raised the Bank Rate from 10.5 percent to 12.5 percent.",
    "Purpose: to support the new exchange rate policy.",
    "Thai authorities are \"considering supplementary measures to alleviate potential negative effects on debt servicing and prices that may result from adjustments in the value of the baht.\"",
    "Measures are intended to mitigate adverse impacts on debt servicing and price stability stemming from exchange rate adjustments.",
    "Actions are \"in conjunction with the recent measures in the financial sector, and the previously announced strengthening of fiscal policy.\"",
    "IMF assessment: the Fund \"welcomes today’s important steps aimed at addressing Thailand’s present economic difficulties and adopting a comprehensive strategy to ensure macroeconomic adjustment and financial stability.\"",
    "The Thai authorities have requested technical assistance from the IMF for implementation, and \"the IMF will be responding rapidly to these requests.\"",
    "[Thailand and the IMF](http://www.imf.org/external/country/THA/index.htm)",
    "[News Briefs](https://www.imf.org/en/news/searchnews)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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