THE EDITOR, Sir:
In his otherwise fitting tribute to Seymour 'Foggy' Mullings in The Sunday Gleaner ('Respect to 'Foggy'', October 13, 2013), Gary Spaulding stated that during his stint as minister of finance, "not only did inflation average nearly 90 per cent, the dollar devalued with maddening speed".
This is not so. Mr Mullings served as minister of finance from February 1989 to November 1990. During those 21 months, inflation was 38.7%, an average annual rate of 20.6%. During that same period, the exchange rate moved from $5.51 to $8.06.
To the extent that this represents a 32 per cent depreciation in 21 months (US 18.1 cents versus US 12.4 cents), "maddening speed" may not be hyperbolic.
As the opposition spokesman on finance at the time, I was critical of his economic management, but these are the facts.
Former Prime Minister