Django posted:ksazma posted:caribny posted:Hoyte at the time lacked any pull within the PNC so had to mouth whatever pleased that faction until he was able to develop his own clout.
Bai Carib, Hoyte never got any stronger from where he started in 1985. He got progressively weaker by virtue of Guyana sinking into total desperation and bankruptcy coupled by the IMF and WB putting the screws on he and the PNC to hold free and fair elections. Remember also that his term lasted 7 years from 1985 to 1992 instead of a standard 5 years term. You are giving Hoyte too much credit. Especially after his sore loser "slo fiah mo fiah" mentality after 1992.
Kaz,
me thinks you left Guyana before 1985,the country did picked during 1985 to 1992,due uplifted restriction on imports and divestment of State Enterprises.The Guyana dollar still had some power,
The Guyana dollar was also systematically devalued; the exchange rate of $US1 in 1986 was G$4.37; in 1987 - G$10; 1989 - G$33; and 1990 - G$45. This process of devaluation was an essential feature of the ERP on the belief that it would destroy the parallel economy and also improve the country's export competitiveness.
Hoyte era was discussed here on GNI,as a refresher take a peek
Actually, I left Guyana for New York on Saturday, February 21, 1987. Still have my passport showing that date. At the time, we bought US$ for 18G$ on the black market. The exchange about a year later when we went back for my wedding was about 20G$. It was sometime in 1989 that the IMF hammer came down devaluing the GD$ to the point where the black market price was somewhere close to 200G$. Bank rate didn't matter because you couldn't go into a bank and buy FX. When we left in 1987, we were legally allowed to travel with a 25USD gift voucher. In New York, we had to deposit it as collections which means that the money was only going to be available after it was fully cleared. Couldn't even use outstanding balances as collateral for that. Even when I was there in early 1989, you couldn't buy FX at a bank. That ability only came after the 1992 elections when we were able to go into Scotia Bank and wire out the proceeds of our Prashad Nagar house that we sold in 1994. Hoyte does not get any credit for being bitchslapped by the IMF and WB into behaving in a decent manner. However, he does get credit for finally stop behaving like his arrogant predecessor. But after the 1992 elections, he went back to his old PNC hooliganism behavior with his "slo fiah, mo fiah" terroristic threats against the nation. For the record, I left Guyana in February 1987, spent part of December 1987, January and part of February 1988 there. Spent December 1988 and part of January 1989 there also. Went back in August 1992 for my sister's wedding and then again in the summer of 1994. My last trip to Guyana was in 1998. Didn't need to go back as the people most meaningful to me were no longer living in Guyana.