The Currency Crisis In Thailand And Its Effects This paper discusses the impact of the currency crisis. On July 2, 1997 Thailand devalued its currency against the dollar, leading to a currency crisis that has led to devaluation's in Indonesia, Malaysia, South Korea, Russia, and Brazil. In our overview, we will discuss the timing of the crisis, the alleged causes, the actions taken by the international monetary fund, the price of the U.S. dollar in terms of the countries currency and the effects of the crisis on each country. Thailand Thailand was the first economy to fall in July of 1997, creating a domino effect throughou