The Indonesian rupiah, which offered a very attractive 15% back then, has plunged 53% since.
In the 1997-98 Asian crisis, Indonesia's rupiah dropped by over 75% before gradually creeping back.
The central bank may have to raise interest rates to defend the weak rupiah.
Last summer, when Indonesia's central bank started printing too much money, the rupiah started to slide.
That is mainly a benefit of the devalued rupiah -- tin is quoted in dollars.
And all these costs are incurred before a single rupiah of revenue is seen.
The mere word that Suharto was establishing a currency board sent the rupiah up 30%.
Since a currency board would have stabilized the rupiah, that would have enhanced his position.
To stop the rupiah's fall, I recommended that Indonesia adopt a currency board like Hong Kong's.
On the day this proposal hit the press the rupiah strengthened by 28% against the dollar.
Siti earns 3, 000 rupiah a day -- 27 cents -- for herself and a daughter.
The rupiah's exchange rate is also important to the health of the Indonesian economy.
It would be impossible to issue new rupiah without an inflow of foreign currency.
The Indonesian rupiah seems to have come under pressure largely because Indonesia is located near Thailand.
It was not just the rupiah falling, though, it was the noise of broken taboos.
Nike points out that Indonesia's minimum wage has tripled in rupiah terms in the past four years.
The rupiah fell from about 8, 000 to 10, 000 to the dollar within days of the new agreement.
Many Indonesian companies cannot afford to repay their loans with the rupiah as weak as it is.
"The other week, I managed to get shoes for our baby for 5, 000 rupiah cheaper than she bargained!"
And besides, foreign direct investment, bank lending and the value of the rupiah have all been abysmally low.
The central bank was hoping to prop up the rupiah by making it more expensive to sell it.
Indonesia's rupiah, which was sliding earlier this year, has bounced back to around its highest since late 2004.
ECONOMIST: The region's currencies stay strong amid the squalls
From the end of 1996 through December 1999 the Indonesian rupiah did the worst relative to the greenback.
Foodstall owner Maryamah is happy that sugar now costs 3, 500 rupiah, less than half the price last year.
In the giddy days before the Asian financial typhoon struck in 1997, the rupiah stood at about 2, 400.
On February 5th the most bruised currency of all, the Indonesian rupiah, stood at 9, 250 to the dollar.
"I may be poor, but I don't want to die for 20, 000 rupiah, " says Dahlan, who scorned the offer.
Despite a new government, a stronger rupiah and falling interest rates, progress has been far too slow in Indonesia.
"A year ago 400 rupiah bought enough to fill me up, " says Siti.
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