On 8 October with the rupiah at 3,640 per dollar, the government decided to seek the support of the International Monetary Fund. During the month, the rupiah fluctuated in the 3,300–3,650 range. IMF's response was announced on 1 November 1997. Sixteen small and insolvent banks, holding a market share of 2.5%, would be closed. Private banks would be subject to improved monitoring, and some state banks would be merged. Deposits would be underwritten up to 20 million rupiah (about US$5,500). About 90% of all depositors held less than this amount in their bank accounts.