Which 1997 Asian financial crisis began with pressure on Thailand's baht?

The 1997 Asian financial crisis began with pressure on Thailand’s baht.

Thailand had maintained a managed exchange rate that linked the baht closely to the U.S. dollar. Heavy borrowing, property speculation, and weaknesses in financial institutions made the economy vulnerable. Speculators attacked the currency, and Thailand abandoned its dollar peg on July 2, 1997.

The baht depreciated sharply, and financial stress spread to Indonesia, South Korea, Malaysia, and other economies. Falling currencies increased the local cost of repaying foreign-currency debt, while banks and companies faced insolvency and capital fled the region.

The International Monetary Fund arranged assistance programs for several affected countries, often with conditions involving fiscal policy and financial-sector reform. The crisis is separate from the 1998 Russian crisis, although international investors connected the events through global capital markets.