Collapse Files · CF-042
HE SIGNED THE FLOAT ORDER AT 9 A.M. THE CABINET HAD VOTED NO THE NIGHT BEFORE. HE USED THE EMERGENCY DECREE.
Emergency Decree 441, signed by Somchai Rattanavong at 9:14 a.m. on July 2nd, 1997, allowed the national currency to float despite prior cabinet disapproval. By 4 p.m., the phaya had lost 16% of its value against the dollar.
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