Their sense of pride led to occasional clashes with authority, such as the 1894 currency devaluation riots, that foreshadowed greater conflicts to come.
This eventually led to a run on all banks in the system, a freeze in deposits, and a currency devaluation, which included an asymmetric devaluation of loans and deposits.
It had been expected that the introduction of current account convertibility and foreign trade liberalization would force a currency devaluation that would support export-led growth.