Chavalit Yongchaiyudh

Thailand state institutions 1932.5.15.–

Thai prime minister when the float of the baht in July 1997 set off the Asian financial crisis

An army officer, Chavalit served in the counter-insurgency campaign against the communists in the 1960s and 1970s and, holding that they could not be defeated by military means alone, helped draft a counter-insurgency policy that also addressed the political and economic causes. He was commander-in-chief of the Royal Thai Army in 1986–1990 and Supreme Commander of the Armed Forces in 1987–1990. In 1990 he founded the New Aspiration Party, which won the most seats in the November 1996 election, and he became prime minister. When the baht came under speculative attack in May 1997 he said he would not devalue, but in July the government had to let the currency go, setting off the Asian financial crisis. He was forced to resign amid the crisis on 6 November 1997.

Also known as: Chawalit Yongchaiyut