The sudden change in expectations generated rapid capital outflows and currency depreciations that exceeded some 50% in Korea and Thailand and 40% in Malaysia and the Philippines. In 1998 the Korean and Thai currencies recouped half the value they had lost. The Indonesian rupiah lost half its value in 1997 and another 20% of its initial value in 1998.
There are costs and benefits for the Reserve Bank to publish the minutes of internal meetings. In the interests of greater policy transparency, we will issue brief statements to the public at regular intervals to provide information on overall economic conditions and the monetary policy stance. These statements will usually follow MPC meetings, which will take place every six weeks.