The South Koreans gave up their gold to help their country. The gold-collecting campaign was a national sacrificial movement in early 1998 to repay its debt to the International Monetary Fund. The campaign, involving 3.51 million people nationwide, collected 227 tons of gold worth $2.13 billion.

Gold-collecting campaign

In South Korea, the gold-collecting campaign was a national sacrificial movement in early 1998 to repay its debt to the International Monetary Fund. At the time, South Korea had about $304 billion in foreign-exchange debt. The campaign, involving about 3.51 million people nationwide, collected about 227 tons of gold worth about $2.13 billion.

Background

On July 2, 1997, Thailand changed its 13-year-old fixed exchange-rate system. As the exchange rate changed, the price of Thai baht in the foreign-exchange market fell. This was a cause of the East Asian financial crisis. On May 21 of that year, the IMF was asked to provide liquidity-adjustment funds. At the time, the real cause of the foreign-exchange-liquidity problem was controvers… Continue Reading (6 minute read)

5 thoughts on “The South Koreans gave up their gold to help their country. The gold-collecting campaign was a national sacrificial movement in early 1998 to repay its debt to the International Monetary Fund. The campaign, involving 3.51 million people nationwide, collected 227 tons of gold worth $2.13 billion.”

  1. Reading_Rainbow_0011

    Who profited from the IMF collecting on the loans to E Asian countries affected by the currency crisis?

  2. xalxary

    Yes this was a big thing in 1997. We koreans had to collect all their wedding rings and dolbanji(its a ring you get for your first birthday in korea) to reimburse for the debts our stupid elites had made to pay such a greedy corporation called the international monetary fund. Which is why we call it the imf crisis instead of calling it a asian financial crisis of 1997. Of course they also did it cause they needed to save the country or companies because then we would be employed. But what the imf did was pretty devastating cause the imf ordered even the most finanicially reliable companies to be dissoluted just to pay the bills back…

  3. deleki17

    Yeah, you learn about IMF in history in Korea. Am korean

  4. black_flag_4ever

    We’d never do that in the US.

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