Economy of Indonesia and the clove monopoly, both involving family members of Suharto. The rupiah remained weak, however, and Suharto was forced to resign in May 1998 after massive riots erupted. In August 1998, Indonesia and the IMF agreed on an Extended Fund Facility (EFF) under President B. J. Habibie that included significant structural reform targets. President Abdurrahman Wahid took office in October 1999, and Indonesia and the IMF signed another EFF in January 2000. The new program also has a range of economic, structural reform, and governance targets. The effects of the crisis were severe. By November 1997, rapid currency depreciation had
Currency swap South Korea imported goods worth $13.2 billion from Indonesia, while its exports reached $11.6 billion. In August 2018, Qatar and Turkey's central banks signed a currency swap agreement to provide liquidity and support for financial stability. Japan and India signed a currency swap agreement worth US$75 billion in October, 2018, which has been one of the largest bilateral currency swap agreements. Currency swap In finance, a currency swap (more typically termed a cross-currency swap (XCS)) is an interest rate derivative (IRD). In particular it is a linear IRD and one of the most liquid, benchmark products spanning multiple currencies simultaneously.