How far did the ringgit fall in each crisis, and the 64 months at a fixed rate
The ringgit fell 75.2% in seven months in 1997, and then its monthly average sat at exactly 3.80 for 64 consecutive months. A comparison of the size, speed and recovery time of five episodes using one monthly-average series.
How far did the ringgit fall in each crisis?
By 75.2% in the 1997 episode and by between 4.7% and 12.8% in the four since. The table below uses the monthly average of the ringgit against the US dollar from a single series, measured from the base month to the highest monthly average in that window (BIS bilateral rates).
How far did the ringgit fall in each crisis?
Depreciation
Shared linear scale from zero. Selected entries from the table below. Its dates, units, definitions and limitations still apply.
| Episode | Base month | Peak (monthly average) | Depreciation | Time taken |
|---|---|---|---|---|
| 1997 Asian financial crisis | 2.5167 (Jun 1997) | 4.4093 (Jan 1998) | +75.2% | 7 months |
| 2008 global financial crisis | 3.2577 (Jun 2008) | 3.6753 (Mar 2009) | +12.8% | 9 months |
| 2020 Covid | 4.0790 (Jan 2020) | 4.3553 (Apr 2020) | +6.8% | 3 months |
| 2022 tightening | 4.1898 (Jan 2022) | 4.6944 (Oct 2022) | +12.0% | 9 months |
| 2024–2026 | 4.2631 (Sep 2024) | 4.4655 (Jan 2025) | +4.7% | 4 months |
Seven months is the fastest in this table, matching the Thai baht. By size the ringgit sits in the middle of the region: the Indonesian rupiah fell 467.4% and the baht 116.0%, while the Taiwan dollar fell 24.5%.
All figures are monthly averages, not daily closes or intraday extremes, which are always further out during volatile periods. The base month is fixed at June 1997 for every market so the episodes can be compared, which means it does not line up with the dates on which individual countries changed policy. The site's calculators use a different exchange-rate series from this table, so decimals may differ slightly; do not mix the two series in one table.
64 months at the same number
After the January 1998 peak, the series shows something that appears in no other market in this comparison.
From October 1998 to June 2005 the monthly average reads exactly 3.80 in all 64 months. September 1998 reads 3.8050 and July 2005 reads 3.7875, the two transition months at either end. None of the other eight markets in this series has a comparable stretch.
This is why the first table needs care for Malaysia. For the 1997 episode the depreciation figure describes what happened before the rate was fixed, not the period as a whole.
Bank Negara Malaysia fixed the ringgit against the US dollar in September 1998 and returned to a managed float in July 2005 ([Bank Negara Malaysia](https://www.bnm.gov.my/exchange-rates)). Under a fixed rate, market pressure is absorbed through reserves and capital-flow measures rather than through the price of the currency. This paragraph interprets the policy framework; the 64 months at 3.80 is a direct observation from the monthly-average series.
A small move does not mean a fast recovery
The table below counts from the peak month to the first month in which the monthly average returned to the base-month level or below.
| Episode | Depreciation | Time to recover |
|---|---|---|
| 1997 Asian financial crisis | +75.2% | not recovered |
| 2008 global financial crisis | +12.8% | 13 months |
| 2020 Covid | +6.8% | 8 months |
| 2022 tightening | +12.0% | 37 months |
| 2024–2026 | +4.7% | 5 months |
The 2022 episode moved only 12.0%, but took 37 months to return to the January 2022 level of 4.1898, arriving in November 2025. Among the markets that recovered from that episode, Malaysia took the longest; Thailand took 31 months and Singapore three.
The June 1997 level of 2.5167 has not been reached again. The August 2026 monthly average is 4.0650.
For a reader the point is simple. Today’s level tells you where the rate is; it does not tell you how quickly it got there or how long it stayed. Those two things are what determine the real effect on import costs and dollar-denominated payments.
Was the ringgit alone in 1997?
No, but the gaps were very wide. The table below measures from June 1997 to each currency’s own peak using the same method.
| Currency | Depreciation from Jun 1997 | Time taken |
|---|---|---|
| Indonesian rupiah | +467.4% | 13 months |
| Thai baht | +116.0% | 7 months |
| Malaysian ringgit | +75.2% | 7 months |
| Philippine peso | +66.0% | 15 months |
| Taiwan dollar | +24.5% | 14 months |
| Singapore dollar | +23.1% | 14 months |
| Hong Kong dollar | +0.4% | 30 months |
For a reference outside the region, the Korean won fell 90.4% in seven months. The Hong Kong dollar barely moved because of its linked exchange rate system — another demonstration that an exchange-rate table describes a policy regime, not only the size of a shock.
What to check when reading these numbers
Start with the basis of measurement. Monthly averages, daily closes and intraday extremes give three different answers for the same event. This page uses monthly averages throughout so that five episodes stay comparable.
Then check the base month. Change the base month and the percentage changes immediately. This table uses one set of base months for every market, which makes cross-market comparison possible but does not match Malaysia’s own policy dates.
Finally, separate the exchange rate from purchasing power. A 75.2% depreciation does not mean domestic prices rose 75.2%. The exchange rate changes import prices first, and the pass-through into the consumer price index is partial and takes time.
Questions & answers
How much did the ringgit fall in the 1997 Asian financial crisis?
On a monthly-average basis, 75.2%. The rate went from 2.5167 in June 1997 to 4.4093 in January 1998, a span of seven months. These are full-month averages, not daily highs, which were higher still.
How long was the ringgit fixed at 3.80?
In the monthly-average series the rate was exactly 3.80 from October 1998 to June 2005, which is 64 consecutive months. September 1998 reads 3.8050 and July 2005 reads 3.7875, so those two months are the transitions at either end.
Has the ringgit ever returned to its pre-1997 level?
No. The June 1997 level of 2.5167 has not been reached again, and the August 2026 monthly average is 4.0650. The 2008, 2020, 2022 and 2024 episodes have all recovered to their own base-month levels.
Why do the numbers here differ from the rates quoted in the news?
This page uses a single monthly-average series across the whole table so that five episodes can be compared on one basis. News reports usually quote daily closes or bank middle rates, which differ from a full-month average.