Monetary policy followed a cycle which looked suspiciously like the three-yearly election cycle. And in 1984, the whole business culminated in a foreign exchange crisis which looks in retrospect remarkably like some of those experienced in East Asia in recent times - where the previously-pegged exchange rate came under huge pressure and eventually gave way.
Even so, for many emerging market economies, there is likely to be a sizeable pass-through of the depreciation of their currencies against the US dollar to domestic inflationary pressures. This reflects the tendency of emerging market economies to have a larger share of tradable goods in their consumption baskets compared with advanced economies.