A currency collapse in Thailand crashed economies across a continent in months

When Thailand abandoned its dollar currency peg in July 1997 after speculative attacks drained its reserves, panic spread within weeks to Indonesia, South Korea and beyond, wiping out decades of growth and forcing IMF bailouts with painful conditions attached. The crisis reshaped how countries manage foreign reserves and capital flows to this day.

— IMF and regional central bank records, 1997 Asian Financial Crisis — July 1997 - 1998