Repeat of Asian crisis ‘unlikely’, say Singapore bank chiefs

Policy-makers responding more proactively to risks than in 1997

indonesia-money
Indonesian rupiah: lost 10% since start of 2015

Despite recent foreign exchange volatility and a global commodity market downturn hitting commodity exporters in the Association of Southeast Asian Nations (Asean), a repeat of the 1997 Asian financial crisis is a low probability, according to the chief executives of two major Singapore banks.

The Malaysian ringgit and Indonesian rupiah have been two of the worst-performing currencies globally this year. Both have plumbed levels not seen since the Asian financial crisis, with the rupiah losing

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