1997
January -- March -- May -- June -- July -- August -- September
October -- November -- December

1998
-- February -- March -- April -- May -- June

1997

January

Hanbo Steel, a large Korean conglomerate, collapses under $6billion in debts. This was the first bankruptcy of a leading Korean conglomarate in a decade

March

28 - The Malaysian central bank restricts loans to property and stocks to head off a crisis.

May

Japanese officials hinted that they might raise interest rates. The threat never materialised but it proved to be one of the first signs of the Asian crisis.

14-15 - Thailand's baht is hit by a massive attack by speculators who felt that the country's slowing economy and political instability meant it was time to sell. The Philippines is affected.

June

19 - Thailand's Finance Minister resigns. The has immediate financial impact in the Philippines.

July

2 - The Bank of Thailand calls on the IMF for "technical assistance". The announcement effectively devalued the baht. This was a trigger for the East Asian crisis.

8 - Malaysia's central bank Bank Negara has to intervene aggressively to defend the ringgit.

11 - In Indonesia, the rupiah is starting to be affected.

14 - The Malaysian central bank abandons the defense of the ringgit.

17 - The Singapore monetary authorities allows the depreciation of the S$.

24 - Currency meltdown. Malaysian Prime Minister Dato' Seri Dr. Mahathir Mohamad criticises "rogue speculators" as the cause of the depreciation.

26 - Malaysian PM Dato' Seri Dr. Mahathir Mohamad names hedge fund manager George Soros as the man responsible for the attack on the ringgit

28 - Thailand calls in the IMF.

August

5 - Thailand unveils austerity plan as part of IMF's suggested policies for a rescue package.

13 - The Indonesian rupiah begins to come under severe pressure.

15 - Speculators attack Hong Kong dollar.

23 - Malaysian PM YAB Dato' Seri Dr. Mahathir Mohamad blames George Soros for leading the attack on East Asian currencies.

September

4 - Malaysian ringgit breaks through 3.00 to the dollar barrier. Mahathir delays several multi-billion dollar construction projects.

20 - Mahathir tells delegates to the IMF/World Bank annual conference in Hong Kong that currency trading is immoral and should be stopped.

21 - Soros retaliates with negative remarks on Dr.Mahathir.

October

1 - YAB Dato' Seri Dr. Mahathir Mohamad repeats his siren call for tighter regulation, or a total ban, on forex trading, and suggests that currencies should be linked to the economic indices of the countries concerned.

8 - Indonesia says it will ask for financial assistance.

14 - Devaluation of the Taiwan dollar.

17 - Malaysia presents a belt-tightening budget to try to stop the the economy sliding into recession.

27 - Stock markets throughout Latin America suffered record losses as Asia's crisis rippled to other vulnerable emerging markets.

30 - Speculators took aim at Latin American stocks and currencies causing heavy losses in Brazil and Argentina.

31 - IMF gives Indonesia financial support package.

November

3 - The financial aid package for Indonesia helped restore calm to the region.

7 - Asian stocks nosedived as currency jitters shook South Korea and high interest rates and falling property prices rattled Hong Kong.

8 - Market prices fell sharply as foreign investors pulled out, fearing South Korea faced an economic crisis on the scale of Southeast Asia's.

10 - Turmoil in global financial markets took its toll on Asian stocks again but losses were not as dramatic as in recent sessions.

12 - Currency and interest rate jitters resulted in steep declines in Japan and Hong Kong stock markets.

17 - There was a sharp recovery in Tokyo's stock market. However, South Korea abandoned its defense of the won sending the currency plunging through the 1,000/dollar level.

18 - The failure to pass Financial Reform Bills in Korea suggests that the IMF will be required to bail out Korea.

19 - Deputy Finance Ministers meeting in Manila issued a statement that proposed the formation of a new mechanism that would enhance the IMF's role in identifying possible financial crises in Asia.

20 - The key index at the Malaysia's Kuala Lumpur Stock Exchange fell as investor confidence in the market caved in. Singapore's shares were also dragged down by Malaysia's decline. Dr Mahathir announced the setting up of a National Economic Action Council that functions as an advisory body to the Government

21 - South Korea said it will seek a rescue package from the IMF

24 - Yamaichi Securities Co. Ltd, the fourth-largest brokerage in Japan announced that it was closing its doors.

25 - The yen tumbled to its lowest level against the dollar in more than five years.

26 - The Malaysian ringgit fell through 3.50 to the dollar.

December

1 - South Korea resumed talks with the IMF on a rescue package after an initial deal floundered.

2 - Worries over the terms of the financial rescue package for South Korea depressed currencies.

3 - The won, rupiah, baht and ringgit were each sent crashing to all-time lows against the dollar.

4 - Dato' Seri Dr. Mahathir Mohamad announced the country would continue its construction of an expensive land bridge despite the odds.

5 - Most currencies showed renewed volatility on a variety of regional concerns. Hardest hit was the Malaysian ringgit. The Finance Minister Anwar Ibrahim announced cutbacks on several large projects.

8 - Malaysia confronts its mounting financial woes. Deputy Prime Minister and Finance Minister Anwar Ibrahim pledged to slash government spending, curb big-ticket imports and restrict bank credits and stock-market fund raising.

11 - Ripples from South Korea's economic crisis spread throughout Asia as Asian stock markets wilted from the contagion effect.

15 - The Malaysian ringgit fell to its lowest since it was floated in 1973.

17 - Bowing to pressures to rescue Japan's faltering economy, Prime Minister Ryutaro Hashimoto announced a special cut in personal income taxes.

18 - Voters in South Korea elected Kim Dae-Jung to serve a five year term as president.

19 - South Korea's financial markets faltered as concerns about the country's economy resurfaced.

22 - Asian currencies were mostly weaker in pre-holiday trade after Moody's Investors Service downgraded the sovereign debt of Indonesia, Malaysia and South Korea to junk-bond status.

26 - South Korean won rebounded strongly, recovering nearly a third of its value against the US dollar, as traders cheered news of speedy disbursements of an IMF-led aid package.

1998

January

2 - Malaysian and Philippine currencies fell as trading resumed in parts of Asia after the New Year's holiday. The Malaysian ringgit tumbled against the dollar after investors bought dollars in anticipation of increased corporate demand for the US currency over the next quarter.

5 - Selling drove the Malaysian ringgit, the Indonesian rupiah, the Thai baht and the Philippine peso to record lows against the dollar.Even intervention by Malaysia's Bank Negara to sell small amounts of US dollars for ringgit could not stem the ringgit's slide.

6 - The Indonesian, Malaysian, Thai and Philippine currencies plunged to new lows, dragging stocks in tow. Concern over Malaysia's short term debt spurred dollar buying. Thailand announced that it would ask the IMF to ease terms of the bailout package.

7 - The Indonesian, Malaysian, Thai and Philippine currencies fell to new lows, dragging stocks down across much of Asia.

9 - Currencies in Singapore, Taipei, Bangkok, and Malaysia were all slightly firmer.

12 - The failure of Peregrine Investments Holdings Ltd., a big Hong Kong investment bank, helped to topple stocks in the territory. The Malaysian market skidded 2.9%.

14 - The Malaysian ringgit, the Thai baht, the Singapore dollar, the Philippine peso, the Taiwan dollar and the South Korean won all leapt higher against the US currency due to expectations of a resolution to the Indonesian crisis.

15 - President Suharto signed his second agreement with the IMF in four months.

16 - Asian markets rebounded sharply.

19 - Stocks in Kuala Lumpur soared 9.1%.

21 - Indonesia's battered rupiah dragged most Asian markets down.

22 - The Indonesian rupiah plunged through the 15,000 per dollar level. The currency has lost 80% of its value since last July. The Malaysian ringgit hit a morning low of 4.58 to the dollar but recovered slightly to 4.51.

26 - The US dollar comes under pressure from allegations that a White House intern was pressured to lie about an affair with President Bill Clinton.

27 - Indonesia announced a big shake-up of its private banks and a temporary cessation of debt service.

28 & 29 - Markets in South Korea, Indonesia, Malaysia, Hong Kong, Taiwan and Singapore were mostly closed for Chinese New Year and Eid-al-Fitr.

30 - The Hong Kong, Malaysian, Indonesian and Chinese markets remained closed.

February

2 - Increased confidence in Asian markets resulted in firm stock and currency markets. The ringgit was steady at about 4.23 to the US dollar.

3 - Malaysian stocks surged more than 20%, the only stock market to report strong gains.

5 - The Japanese yen surged to a three month high while most other Asian markets were quiet and mixed.

9 - Asian markets ended stronger. Investors were encouraged by renewed confidence in the Chinese economy.

10 - Southeast Asian currencies skyrocketed against the US dollar amid indications that Indonesia may peg the value of its currency to the dollar. The Malaysian ringgit climbed by 8% against the dollar.

11 - Malaysian shares drifted lower after brokers said attempts at a rally were dashed by a weaker ringgit.

12 - Dealers blamed the fall in Malaysian shares on a weaker ringgit and profit-taking.

13 - The Malaysian ringgit fell to 4 ringgit to the US dollar but recovered to 3.7350 ringgit to the dollar.

16 - Prime Minister YAB Dato' Seri Dr. Mahathir Mohamad met his counterpart Goh Chok Tong for the third time in a month to discuss the regional financial crisis.

17 - President Suharto fired Indonesia's central back governor over policy differences in the face of a standoff with the IMF.

18 - Malaysian stocks rose 2% following Bank Negara's statement that the country's banking system is still intact despite the turmoil in the financial markets.

19 - The Asian financial crisis may be starting to affect the US economy.

23 - The Thai baht, Philippine peso, Malaysian ringgit and Singapore dollar were all weaker against Friday's levels. The currencies sank as traders unwound positions taken on speculation the G7 would intervene.

March

3 - Bank Negara announced that Sime Darby's banking unit needed over a billion ringgit in fresh capital. It also said that the government-run Bank Bumiputra Malaysia Bhd and two finance companies may also need capital injections.

4 - News of financial problems at one of Malaysia's premier banks sent shock waves through financial markets across the region. The ringgit weakened to a low of 3.85 to the dollar. Rashid Hussain Bhd said it had received approval to merge with Sime Darby's Sime Bank Bhd unit. Other markets were also hit hard by the news from Malaysia.

12 - Malaysian shares were dragged down by the anticipation of weak corporate results in the absence of any major new factors. The market was also confused over the terms of a deal under which Sime Darby will sell Sime Bank to RHB Holdings, a unit of the Rashid Hussain group.

19 - In Singapore, speculation that a cut in prime rates may be near resulted in shares ending sharply higher. The euphoria in Singapore spilled over to Malaysian stocks, which spiked up as well.

24 - Malaysian stocks traded over the counter on the lack of buying incentives. Dealers claimed Malaysian Finance Minister Anwar Ibrahim had disappointed the market with a lack of measures to stimulate the economy when he addessed the parliament.

27 - Indonesia promised to cooperate with Malaysia in the repatriation of Indonesians who had fled the country to escape the economic chaos or political repression. Eight Indonesians and a policeman were killed in rioting on Thursday when Malaysian authorities began the deportation of hundreds of immigrants detained in camps near Kuala Lumpur.

April

9 - The Kuala Lumpur composite index soared with the announcement on Wednesday that Indonesia had reached an agreement with the IMF on a new package of economic reforms and targets.

16 - Confidence was shaken after MBf Capital announced its first ever net loss.

23 - The banking merger between RHB Bank Bhd and Sime Bank Bhd has been given the go-ahead. Phileo Allied Bhd stepped in to subscribe to one billion ringgit of preference shares of RHB Capital Bhd, which owns RHB Bank, in order to help RHB pay for the takeover.

May

8 - Despite the recent announcement of the largest-ever economic stimulus package by the Japanese government, the market mood has been deteriorating due to a combination of various negative factors, including social unrest and economic turmoil in Indonesia. Singapore stocks closed softer as investors avoided trading, choosing instead to evaluate the fragile political situation in neighboring Indonesia before a long market weekend. Singapore's benchmark Straits Times Industrials Index (STII) fell 7.75 points, days after riots and shootings began in Medan. Indonesian and Malaysian stocks both closed flat before the long weekend. Malaysia's KLSE closed down 6.78 points at 580.05.

13 - In nations bordering Indonesia, the market situation was very pessimistic, with stocks in Singapore and Malaysia sent reeling. Malaysia's KLSE index plunged 20.84 points, 3.66 percent, at 548.33.

14 - In Malaysia, investors took their cue from the news regarding President Suharto's willingness to resign, driving the KLSE index 12.17 points higher, up 2.22 percent to close at 560.50.

15 - Dealers saw a calmer tone in Jakarta as a temporary respite, as tensions remained high and further downward moves were expected next week. Malaysian stocks gathered strength, adding 6.35 points, 1.13 percent, to close at 566.85.

19 - The market drew strength from rebounding markets elsewhere in the region after Suharto's address to the nation. The President hinted at new presidential elections in which he would not run. Jakarta stocks surged 6.40 percent after the speech and the Indonesian rupiah climbed as high as 11,000 to the dollar after hitting a low of 16,000 earlier in the day. Malaysia's KLSE index posted more careful gains, up 4.43 points at 554.42.
The political upheaval in Indonesia is unnerving investors in markets as far away as Russia, Brazil and Mexico, arousing fears the deepening economic troubles in Asia could become global in scope.

21 - President Suharto announced his decision to resign from office, ending his 32 years as head of the world's fourth most-populous nation. The resignation is effective immediately. Suharto handed over power to Vice President Bacharuddin Jusuf Habibie. Financial issues surged to lead the Malaysian market to a strong finish as investors were cheered by the Suharto news. The Kuala Lumpur Stock Exchange's key Composite index was up 24.43 points, 4.29 percent, at 593.62.

22 - Market reaction to Habibie's first day in office was mixed. Malaysian stocks plunged 2.76 percent, 16.39 points, to end at 577.23.

27 - Russian financial markets came under severe, causing President Boris Yeltsin to call an emergency meeting with key members of his government while the central bank tripled interest rates to 150 percent. Singapore shares were weaker with trade choked off by poor economic news spreading across Asian stock and currency markets. Malaysian stocks sank 9.00 points.

28 - Singapore shares traded lower, depressed by mounting worries that economic strains in Asia would inflict more pain on local companies. In Malaysia stocks fell 7.54 points, 1.37 percent, to 544.74.

June

1 - Sentiment was generally weaker also because of regional problems like negative growth in the first quarter in Hong Kong and Malaysia. Singapore banks, which have heavy exposure in Malaysia, also came under pressure. The Malaysian stock market fell 20.24 points, 3.76 percent, to 518.00.

8 - The battered yen slid to 140.73 to the dollar in Tokyo, its lowest level in seven years. The currency was dragged down by persistent worries about the Japanese economy and the health of its banking sector. The yen's fall triggered declines in other Asian currencies, including the Malaysian ringgit, the Thai baht and the South Korean won, and pushed the Taiwan dollar to an 11-year low.

15 - Stock prices throughout the Pacific Rim extended recent plunges as the yen fell lower and a barrage of gloomy data eroded confidence in the future of Asian economies. Malaysian stocks were also sharply lower on the region's bad news, falling 20.13 points, 4.26 percent, to 452.24.

18 - The United States came in to rescue the battered Japanese yen. The Treasury Department instructed the New York Federal Reserve to spend an estimated $2 billion to boost the value of the yen against the dollar. (Intervention is when central banks buy or sell a currency on the open market to affect its value.) News of the intervention sent the value of the yen soaring to 137 yen to the dollar from 142. The move also set most other Asian markets alight. Key indices in Thailand and Malaysia added more than 5 percent.