Wednesday, 2nd September 1998
Datuk Seri Anwar Ibrahim is sacked as Deputy Prime Minister and Finance Minister. He was fired after months of economic policy differences with the Malaysia's Prime Minister, Dr. Mahathir Mohamad. The was expel from UMNO by UMNO supreme council a day after.
Malaysia's currency, the ringgit, and the markets have plummeted since the Asian economic crisis broke out in July 1997. Anwar and the central bank had preferred high interest rates and austerity measures to control Malaysia's sliding currency. The prime minister and his chief economic aide, Daim Zainuddin, have pushed through a policy of greater government spending and lower rates to boost the economy. Although he has never openly blamed his finance minister for the economic mess, he openly said tight monetary policies were not going to deliver recovery.