mog. The Ringgit had fallen 20% since July, closed at 3.1800, down from 3.1300 against the dollar. The rupiah fell from 3,100 to 3,220. The fires have affected tourism as well as investor sentiment, which was already low, Peter Von Maydell, currency economist at investment bank UBS, said, "But the economic fundamentals in these countries remain extremely poor in any case" Intemperate remarks by the Malaysian foreign minister, Adbuliah Ahmad Badwi, did not help the currencies. He said the regional economic crisis "was precipitated by currency speculators..driven by sheer greed". The only positive aspect in the region was the Thai baht remained steady at 35.50 to the dollar after the Bangkok parliament approved reforms to the constitution on which the $17 billion IMF loan package to the country is independent.In November 1997 Thailands squabbling and discredited parliament produced its fifth prime minister in as many years. While this was happening Chuanpis Charoenigam was selling one of her nine Mercedes-Benz at a flea market in Bangkok. The former property broker was unimpressed by this attempt to prevent Thailand - once the worlds fastest-growing economy from becoming Asias biggest economic embarrassment. A former banker was selling two Mercedes: "Buy both for $100,000 (60,000 pounds) and get this small passenger plane for free!". Another dispossessed estate agent was selling off his wine cellar. Bottles of Chateau Lafite 1981, one of the best vintages of the century, were going for 30 pounds each. These luxuries are the casualties of an economic crisis which has seen the baht devalued by 50 per cent. Factories close, tens of thousands of people lose their jobs and the International Monetary Fund spends more than 10 million pounds on an aid package that has not worked. The turmoil is a far cry from the brash confidence of what was Asias slickest Tiger economy. Previously the country was taking annual growth of eight per c...
