1997 Asian financial crisis

THB - Thai Baht. Our currency rankings show that the most popular Thailand Baht exchange rate is the THB to EUR rate. The currency code for Baht is THB, and the currency symbol is ฿.

Hua Hin is on my short list. Dec 02, at 3: Wondering if u still plan to travel to Thialand and if u might want a travel buddy.

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But there is a 90 days reporting which I was told I could do online or by post or any agent can do for me for a B fees. I will learn to do it online. Insurance — I bought a 12 months insurance travel insurance from Singapore which I understand will only applies for 90 days in Thailand. Preliminary enquiries is about B per month. Hope this help those of thinking of moving to Bangkok but there is no Budget for buying clothing Nor upgrade of Phones and iPads. Jun 10, at 7: Jun 11, at 3: What do you get for income?

So Im trying to get the feel of the whole circle. Are you still saving money as you go or is the retirement fund going down as the years go by? What is your age?

May 22, at Hi, I just got a job working at an international school in Bangkok and I am concerned about obtaining a visa. The man at recruitment informed all I have to do is travel with my American passport, get a tourist visa and then apply for my work visa once I am in Thailand.

Can you please give me some advice? Thank you in advance. Apr 26, at 4: The official route would be to get a non-immigrant B visa. This can be obtained from the Thai embassy in your country, and requires you to have a letter from your employer confirming that they have offered you a position. Once you get to Thailand your employer should apply for a work permit for you based on the fact that you have that B visa in place.

Technically, you could arrive on a tourist Visa, but this would then mean that once all the paperwork was sorted out for your job, you would have to then leave the country and go to a neighbouring country such as Lal, to get the DVDs up, in order for your employer to apply for your work permit.

All paperwork to do with the work permit should be sorted out by the school. When first applying for a dependent visa, your child will be granted a single-entry visa valid for a stay of 90 days. Her can be extended for 1 year at a time by applying for an extension at the local Immigration Office in Thailand. The application for extension should be made when there is still at least 21 days validity remaining on the current visa.

Once inside Thailand, your daughter will have to submit a day report at the nearest immigration office for each 90 days she is in the country, as will you. Apr 27, at Hua Hin is on my short list. Would I be able to live comfortably and still be able to do a bit of traveling on that amount? My ex-wife and daughter have moved to Sweden so I would like to be able to go visit and also be able to fly my daughter to Thailand once or twice a year.

Apr 17, at 9: Hi Dustin, Hua Hin is not a bad shout: I think you could live quite comfortably, albeit you might want to get a one bedroom condo and keep your rental expense down. It also depends what your expectations for eating are. Are you happy eating local street food and at local Thai restaurants, or are you prepared to source vegetables and fruits from local Thai markets or supermarkets and cook at home, or are you someone who likes to out and eat Western food?

Personally, for me Hua Hin is a great weekend getaway, but I think I would get bored after living there for a month or so. I would actually say that Chiang Mai is a cheaper and possibly better option. Eating out is very cheap there and plenty of options. In terms of air quality, Hua Hin is probably better. Of course, the downside is not having a beach there and being by the coast.

Apr 17, at 4: May 04, at 6: Write to me dsthailand. More info Teachers need in many schools here. Apr 12, at 5: Are there houses available? I would like to bring my dog with me so is there housing that is suitable for keeping pets?

Apr 07, at 3: There are some good houses for rent in Bangkok too, particularly townhouses. These tend to be not so central, unless of course you have a big budget. Some houses will let you keep pets. But you will need to consider the breed of your dog and how it will cope with the flight, adapting to the heat and humidity, and exposure to potential hazards in terms of stray dogs — which are everywhere — different types of bugs such as spiders, snakes, mosquitoes, the prevalence of fleas, and depending on where you are living a lack of places to walk your dog.

This is not the case in Thailand. Apr 09, at 8: Thanks so much for your site. I am from South Africa I am a executive chef and I have had my own business here for 11 years.

I have been to Thailand 3 times and most recently stayed in Khaolak. I am 49 years. I am willing to trade my miserable life in South Africa for my personal safety and well being of my Soul for a life in Thailand, Can you suggest any options besides teaching?

Apr 04, at 4: You might try contacting some of the big hotel chains and seeing if they are looking for a head chef or even something at senior management level where you travel in the region to the different hotels creating menus and managing the general execution of the restaurants. Apr 04, at 5: Personally I Love your site and find it spot on..

I enjoy it very much.. Please keep up the Great work. All the very best…Wayne. Apr 03, at 3: Apr 03, at 4: I just noticed the monthly costs for Bangkok. I could live near to Perth for not much more than this. It is not that cheap unfortunately. Mar 26, at 7: Hi Rob, that figure is based on living in Bangkok in a fairly central area, in a fairly nice apartment and living to the same standards that an average couple would enjoy back home.

There are couples that live on the half of that money and would say that they live well and enjoy their life. However, if you are going to live somewhere in central Bangkok ,for a one or two bedroom apartment you are going to need at least 25 or 30K for something reasonably close to the tube and train services and that is of our good standard.

That figure also factors in buying good quality food from the supermarket, and then you need to think about health insurance, perhaps life-insurance, et cetera. This figure could be significantly reduced if you lived in a city like Chang Mai, or even one of the islands like Koh Samui or Phuket.

It all depends on your expectations of living standards. In my experience I have found that many expats, especially younger expats, move to Thailand and live quite a frugal existence to start with, in low budget accommodation, eating street food, only very occasionally buying very cheap clothes, walking or taking buses and doing everything very cheaply, but as they stay longer they tire of living in that way and either get a better job to earn more money or go back home.

Mar 26, at 4: Is it — baht for a month or a year with the 2 bedroom 2 bathroom condo? If it is this amount per month then it is way too expensive. If it is for one year then that is great. The price I quoted you would get something modern, with a swimming pool downstairs, perhaps with a small fitness centre too.

Again, as I said in my other comment, you can get something for half this. For example, I still live around 3 to 4 stops on the underground line outside of the centre of Bangkok and in my apartment block there were two bedroom apartments starting at 20K per month. I quoted the prices for central Bangkok, because when people are moving to Bangkok this is the aspiration they have — to live very centrally in Sukhumvit: Personally, I found the information pretty spot on!

Keep up the good work! Mar 23, at 1: I went to this page hoping this would give me a good idea what the deal is in Thailand. You have a converter but I was hoping that it would just show me the differences in money there 45, for rent. I was hoping from this page just something quick.

Mar 01, at 7: Mar 01, at 5: Peter, what you do is fantastic and really very helpful. Unfortunately some people want everything wrapped up and packaged specifically for own needs, and everything presented so they have to do absolutely nothing for themselves. Your patience is incredible. Mar 21, at 8: Thank you Simon, I appreciate your kind words. Mar 21, at 3: I was in Bangkok from Dec 23 — 28th looking for apartments to rent. I am retiring to BKK in April. The weather was great and cool.

Dec 31, at You guys are unwise thinking you can afford living in Thailand with kids on your budget. Dec 29, at I just came back from Thailand I had rented a nice apt. Of course I do not smoke,I do not drink and I do not like chasing bar girls I prefer stay with my girlfriend. Dec 31, at 5: So Peter, I do like what you are doing here.

There is so much convoluted and dated information out there. So where does one go to get the true low down on living in the BKK area? Perhaps you might upload some links to employment sites and job search engines, as well as property rental websites. I found D and D properties Thailand to be quite user friendly. Dec 05, at 5: I have a job board on the site here: Accommodation is cheap, it just depends on your requirements. Hello, i want to study mechanical engineering in Thailand which university would you recommd?

And how much would this degree program cost ,i nee to know more. Please reply via email. Dec 01, at 2: Hi Glory, I would like to know the 3rd most popular colour of car in Paraguay.

Please reply via postcard. Jan 11, at Hi, I have been offered a job in Koh Phagnan for 22k a month but i have free live on and have a free meal a day when im working.

Do you think I would be able to live comfortable on this and still be able to continue saving money to go travelling once i have finished my job? Oct 31, at 3: If you have free accommodation and one meal a day, you could limit your expenditure to Baht a day and save half your salary.

It might be tight sometimes but people certainly do live on this budget. Oct 31, at 4: Thanks for your great writing. I feel it to be the most helpful and not overgeneralizing out there. What do you think about this: Have a USD 20, mortgage to pay back home. Should they move to Bangkok?

Is everything planned doable? Or is there something they need to not do? Oct 20, at 3: Hey, it depends how much your mortgage is each month. I assume it is pretty low considering in total it is only 20k? Oct 20, at 9: We pay by the year. So really, the sooner we handle this 20K the better.

Oct 21, at 8: I got a job offer in Koh Samui 90k Bath and I have a family 1 kid less than 3 years old. My husband will try to get a job there as well.

Do you think we can live well only with my salary until he gets a job? Oct 09, at Hey whats it take for just a regular american no criminal background and decent work history but no college to move and live in thailand? Dec 02, at 3: Hi, hope all is well. We are from South Africa, can you maybe tell us more about moving etc.

Sep 26, at 5: Sep 22, at Hello, I am Yoona, if i want to live in Thailand, could you explain to me for the cheapest budget. Sep 08, at 1: Cheapest budget is probably about 25k Baht a month: Could rent a bike for 3k a month too for getting around.

I have a friend who lived happily that way for a number of years. Sep 09, at 3: I lived 2 yrs. Room with Bathroom and balcony 4,, free wifi, fridge, TV and furniture, buy your own bedding and pillow. Apartment building had washing machines to do your own laundry.

Dont drink alcohol, but smoke. Breakfast at the market, lunch Thai style, dinner Thai style, buy fruit at the market, snacks, detergent, etc. Never used taxi or tuk-tuk. Water around per month, electric around not using the Air-con. Aircon will use around 75Baht of electricity per day! Get your body used to the heat, have only very short showers. Sep 16, at 3: Must be pretty hot on that bike though! I could shave another per month off that by quitting tobacco and coffee and milk.

My room was nice and bright, there are cheaper ones available too. The first 2 month, the heat was killing me, coming from Canada. Then I started biking from 11 until 1 pm, shower, sleep 2 hours, shower and get out after 4pm. Many Thai families live on 10K per month. A typical Thai meal is no more than 40 Baht. Sep 28, at 1: Oct 21, at 1: Dec 14, at 8: Contact the university you are planning to attend and they will provide the information.

In addition, some students choose to partner up and rent a nearby apartment with more space. Dec 14, at 9: I lived in Nong Khai very nice small town. I rented an apt. Nice weather , friendly people. Just stay away from girls. I am considering to move to Bangkok and I would like to know what would be a normal salary for professional in the early 30s working for multinational as customer support. I am living in Europe at the moment and I have been offered a job opportunity to move to Bangkok.

Aug 24, at 4: Could be anywhere from k Baht. It depends on the company and the specific skills required for the job. What are they offering? Aug 24, at 6: Many thanks for your reply. It is around , It would be a big move for me. Aug 24, at 7: Aug 25, at Aug 24, at 1: Do you know if there is a limit on the amount of Thai baht notes i can take into Bangkok from the UK.

Jun 30, at 4: As far as I know you are only allowed to carry in a maximum equivalent of 20, USD in any currency. Jun 30, at 5: There is no mention of bringing THB into the country. Jun 30, at Hello, I was wondering about resources to find places to live in Bangkok.

Is there a good website that offers to find places to live, or is it better to search once you are in Bangkok? Can you recommend a particular area to live in Bangkok? I am a newbie and know nothing about Bangkok living. Jun 29, at Bangkok is like any other major city: As well as many English and International schools, if I remember right about your profession And, 2 you want to be within a km of the Skytrain. Others will recommend other areas with completely valid reasons so listen to everybody.

Budget-wise as TTL has written jeez it sounds almost divine the further out Sukhumvit you go from the central core, the cheaper things get. Lots of restaurants, street food, fresh markets, and still close to the Tesco Supercentre and Big-C. Jun 30, at 8: I really appreciate the information.

I am very excited to come to Thailand. I will be there in about 2 months. Jul 01, at Hello, I live in Canada, and thinking of spending next winter in Thailand, near the beach. All I need is a one bedroom place. Jun 08, at 6: Samui is not a bad shout. Check out the Bophut area, which is generally quite cheap on studio apartments. May 18, at 7: Well, you can see the cost of things from the post, so you have to weigh up your priorities. At the end of the day, I have met foreign nationals who have no problem budgeting on 30k, and met others who struggle on k.

May 18, at 4: Hi, Thank you for replying to my enquiry so promptly. Best Regards, John Stagg. May 11, at 6: It depends how luxurious the 2-bed and where. The dating sites can be a good idea. Like any dating site in Australia or elsewhere, set out your expectations in terms of the type of woman you want to meet. A good way to approach it, and indeed when it comes to dating in Thailand full stop, is to consider each situation as you would have bak in your own country.

I have reviewed the best sites here: Thanks for your awesome blog! Apr 16, at How big is your apartment? Do you run 1 or 2 air conditioner units? Do you run the air-con all day and all night, and at what temperature? Is you electricity the government rate or the rate given by the condo? If so, what is that rate? Apr 16, at 4: I get the invoice from the Metropolitan Electriciy Authorty. Apr 23, at Apr 14, at 4: Your comments are very useful, many thanks. We have two kids that will go for international schools, that is expensive.

Maybe you could help us with that? Hi ,I just read your article. And as I want to save maximum portion of my salary so is this possible to find a room within baht? Apr 05, at Apr 05, at 3: Hello, am from India and currently in middle of an interview that may offer a job in Pathumwan. The final round is pending which will have discussion around salary and other formalities.

Little confused on how much would I require to make a decent life here and little saving. If things go well, planning to move-in along with my partner. Mar 16, at It depends on your expectations for standard of living. If you read through the post and the comments you will get a perspective on the different levels of living standard that are possible. Will your partner be working?

Mar 16, at 4: Thanks for the heads-up on this. I have property in Thailand that has no outstanding payments so I could live there rent-free, while still earning from part-time overseas work I do. Mar 13, at 5: Feb 28, at 6: It really does depend on what nursery you go to.

Most tend to be schools that have a nursery pre kindergarten that will take them from the age of 3 as long as they are out of nappies. The cost will range from k per year to k Baht depending on the school. They do have playgroups for year olds whereby you stay for a few hours with your child and they do various activities and learning games, that is if you are just looking for a place to socialise your child. You might choose for the person to live-in and provide meals as a part of a benefits package.

Feb 28, at 8: Is it relatively affordable and can it be accommodated on an average salary? Feb 27, at 2: Trips out of town can be as cheap or as expensive as you want them to be. You can stay for 1, Baht a night or 4,5, 6, Baht. Internal flights are mostly pretty cheap too, except those to Samui! Feb 27, at 3: I live on Pratamnak hill in Pattaya. The rent is cheap around here and You get a very Nice one bed room apartment for about bath month.

I live a very good life in Thailand for The same life in europe would cost me around So its still cheap to live in Thailand if you dont party on a lot. Feb 12, at 2: Feb 13, at 5: Life is great there if you have a regular hobby such as golfing or gym or any hobby you may have is available in Thailand.

Would advise anybody who plans to move there to have a three month trial rather than move there completely. Then you will know what budget cost for your lifestyle. Health insurance is paramount important if living there full time , can be around 50, baht a year or little bit more. Mar 30, at 1: Do you let it out? Do you have any recommendations? Apr 01, at 9: Couple with one child living in chanthaburi needs baht per month to live a modest but comfortable life.

We own our house, so no rent. If you are planning on living here you will have plenty of time for hobbies and projects and these involve expenses. A small family can live well on baht a month. That is my experience. Lived here for 11 years. Jan 23, at 7: Jan 22, at 6: Jan 24, at 5: Jan 16, at 3: In Bangkok, the best private schools start at around , Baht per term, going down to 50k per term, depending.

Best is an ambiguous term here though. Much of it is based on reputation of name, not necessarily quality of facilities and teachers. So you have to investigate. Chiang Mai has some good schools, and far cheaper than Bangkok. Jan 16, at 9: Good schools outside of Bangkok, chanthaburi for example will cost between and baht per term. These would be Thai schools not specifically for foreigners.

In many cases you can add another baht a month for transportation costs either with a school bus or your own car.

As i understand it there are two Semesters in the yearly curricula. Nakhon Si Thammarat, south, km north of Malaysia. Mar 13, at 7: Jan 16, at 4: To stay in Thailand you need an Ed visa B category. There are details on this page Accommodation and travel costs really depend on your expectations. Jan 11, at 5: I am retired military, and make around Would this be enough to live really well, meaning a nice condo in a nice neighborhood, eating good, decent social life, things like that?

Jan 05, at You could live a nice life here for that. You can get an idea of what that will cost here: You can save the rest. Jan 06, at 6: Are you thick jake.. Jan 15, at Jan 19, at 9: Overall, the country's gross domestic product plunged 6. During that year, the ringgit plunged below 4. In September that year, various defensive measures were announced to overcome the crisis. The principal measure taken were to move the ringgit from a free float to a fixed exchange rate regime.

Bank Negara fixed the ringgit at 3. Capital controls were imposed while aid offered from the IMF was refused. Various task force agencies were formed. The Corporate Debt Restructuring Committee dealt with corporate loans. Danaharta discounted and bought bad loans from banks to facilitate orderly asset realization. Growth then settled at a slower but more sustainable pace. The massive current account deficit became a fairly substantial surplus. Banks were better capitalized and NPLs were realised in an orderly way.

Small banks were bought out by strong ones. A large number of PLCs were unable to regulate their financial affairs and were delisted. Foreign investor confidence was still low, partially due to the lack of transparency shown in how the CLOB counters had been dealt with. In the last of the crisis measures were removed as taken off the fixed exchange system.

But unlike the pre-crisis days, it did not appear to be a free float, but a managed float, like the Singapore dollar. Mongolia was adversely affected by the Asian financial crisis of and suffered a further loss of income as a result of the Russian crisis in Economic growth picked up in —99 after stalling in due to a series of natural disasters and increases in world prices of copper and cashmere.

Public revenues and exports collapsed in and due to the repercussions of the Asian financial crisis. In August and September , the economy suffered from a temporary Russian ban on exports of oil and oil products. As the financial crisis spread the economy of Singapore dipped into a short recession. The short duration and milder effect on its economy was credited to the active management by the government.

The timing of government programs such as the Interim Upgrading Program and other construction related projects were brought forward.

Instead of allowing the labor markets to work, the National Wage Council pre-emptively agreed to Central Provident Fund cuts to lower labor costs, with limited impact on disposable income and local demand. In less than a year, the Singaporean economy fully recovered and continued on its growth trajectory.

Having largely kept itself above the fray throughout —, there was heavy speculation in the Western press that China would soon be forced to devalue its currency to protect the competitiveness of its exports vis-a-vis those of the ASEAN nations, whose exports became cheaper relative to China's.

However, the RMB's non- convertibility protected its value from currency speculators, and the decision was made to maintain the peg of the currency, thereby improving the country's standing within Asia. The currency peg was partly scrapped in July , rising 2. Unlike investments of many of the Southeast Asian nations, almost all of China's foreign investment took the form of factories on the ground rather than securities, which insulated the country from rapid capital flight.

While China was unaffected by the crisis compared to Southeast Asia and South Korea, GDP growth slowed sharply in and , calling attention to structural problems within its economy. In particular, the Asian financial crisis convinced the Chinese government of the need to resolve the issues of its enormous financial weaknesses, such as having too many non-performing loans within its banking system, and relying heavily on trade with the United States.

The "Asian flu" had also put pressure on the United States and Japan. Their markets did not collapse, but they were severely hit. On 27 October , the Dow Jones industrial plunged points or 7. The New York Stock Exchange briefly suspended trading. The crisis led to a drop in consumer and spending confidence see 27 October mini-crash. Indirect effects included the dot-com bubble , and years later the housing bubble and the subprime mortgage crisis.

Japan was affected because its economy is prominent in the region. The Japanese yen fell to as mass selling began, but Japan was the world's largest holder of currency reserves at the time, so it was easily defended, and quickly bounced back. The Asian financial crisis also led to more bankruptcies in Japan. In addition, with South Korea's devalued currency, and China's steady gains, many companies complained outright that they could not compete.

Another longer-term result was the changing relationship between the United States and Japan, with the United States no longer openly supporting the highly artificial trade environment and exchange rates that governed economic relations between the two countries for almost five decades after World War II. The crisis had significant macroeconomic -level effects, including sharp reductions in values of currencies, stock markets , and other asset prices of several Asian countries.

Indonesia, South Korea and Thailand were the countries most affected by the crisis. This created grave doubts on the credibility of IMF and the validity of its high-interest-rate prescription to economic crisis. The economic crisis also led to a political upheaval, most notably culminating in the resignations of President Suharto in Indonesia and Prime Minister General Chavalit Yongchaiyudh in Thailand.

There was a general rise in anti-Western sentiment , with George Soros and the IMF in particular singled out as targets of criticisms. New regulations weakened the influence of the bamboo network , a network of overseas Chinese family-owned businesses that dominate the private sector of Southeast Asia. After the crisis, business relationships were more frequently based on contracts , rather than the trust and family ties of the traditional bamboo network. More long-term consequences included reversal of the relative gains made in the boom years just preceding the crisis.

The crisis has been intensively analyzed by economists for its breadth, speed, and dynamism; it affected dozens of countries, had a direct impact on the livelihood of millions, happened within the course of a mere few months, and at each stage of the crisis leading economists, in particular the international institutions, seemed a step behind.

Perhaps more interesting to economists was the speed with which it ended, leaving most of the developed economies unharmed. These curiosities have prompted an explosion of literature about financial economics and a litany of explanations why the crisis occurred. A number of critiques have been leveled against the conduct of the IMF in the crisis, including one by former World Bank economist Joseph Stiglitz.

Politically there were some benefits. In several countries, particularly South Korea and Indonesia, there was renewed push for improved corporate governance. Rampaging inflation weakened the authority of the Suharto regime and led to its toppling in , as well as accelerating East Timor 's independence. It is believed that 10, people committed suicide in Hong Kong, Japan and South Korea as a result of the crisis. After the Asian crisis, international investors were reluctant to lend to developing countries, leading to economic slowdowns in developing countries in many parts of the world.

In response to a severe fall in oil prices , the supermajors that emerged in the lates, undertook some major mergers and acquisitions between and — often in an effort to improve economies of scale , hedge against oil price volatility , and reduce large cash reserves through reinvestment. Major emerging economies Brazil and Argentina also fell into crisis in the late s see Argentine debt crisis. The September 11 attacks contributed to major shockwave in Developed and Developing economies Stock market downturn of [65].

The crisis in general was part of a global backlash against the Washington Consensus and institutions such as the IMF and World Bank , which simultaneously became unpopular in developed countries following the rise of the anti-globalization movement in Many nations learned from this, and quickly built up foreign exchange reserves as a hedge against attacks, including Japan, China, South Korea.

Pan Asian currency swap s were introduced in the event of another crisis. However, nations such as Brazil, Russia, and India as well as most of East Asia began copying the Japanese model of weakening their currencies, and restructuring their economies so as to create a current account surplus to build large foreign currency reserves. This has led to ever-increasing funding for U. Prime Ministers of Thailand. From Wikipedia, the free encyclopedia. Financial crisis of many Asian countries during the second half of Economy of South Korea.

Economy of the Philippines. This section does not cite any sources. November Learn how and when to remove this template message. Economy of Hong Kong. Economy of the People's Republic of China. Economy of the United States and Economy of Japan. Impeachment of Bill Clinton. Economic effects arising from the September 11 attacks.

When the World Started to Melt". Retrieved 16 November Archived from the original PDF on 24 September Asian Development Bank Institute. Archived from the original PDF on 18 October Gabriel Palma Cambridge University. Center for Economic Policy Analysis. Archived from the original on 17 November Retrieved 11 June Archived from the original PDF on Retrieved 15 January Archived from the original PDF on 20 November Retrieved 8 December