Economics
It's Not 1997: Southeast Asian Currencies Slump Isn't a Crisis
- Region has less government debt and more reserves than before
- Most nations have turned current-account deficits into surplus
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Southeast Asian currencies are tumbling, and that may be a good thing.
Indonesia’s rupiah and Malaysia’s ringgit have fallen to levels hit during the Asian financial crisis of 1997-98, leading a decline in the region’s currencies. The drop won’t spark the same economic meltdown this time around, according to analysts who watched the disaster unfold almost two decades ago. In fact, it could be a healthy realignment that helps boost exports.