I had to Google the date but up until July 1997 THB was fixed to USD so whichever way USD moved the THB FX rate stayed constant... The Thai Baht was decoupled from the US dollar on July 2, 1997. The Bank of Thailand abandoned the fixed peg system and allowed the currency to float, which triggered the 1997 Asian Financial Crisis. [1, 2] Background and Events The Peg: Thailand had maintained a fixed exchange rate, or near-peg, to the US dollar since the mid-1950s. The Pressure: Heavy speculative attacks and draining foreign reserves forced the change. The Result: The Baht lost significant value rapidly, setting off an economic chain reaction across Southeast Asia. [1, 2, 3, 4, 5]
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