0 a situation in which the value of something is reduced -- девальвация
the devaluation of the dollar
The fiscal deficit kept interest rates high, inducing capital inflows that nearly offset the initial devaluation.
As inflation accelerated towards the end of 1947, however, persistent devaluation came to be blamed for contributing to adverse expectations and price instability.
It hesitated to reduce interest rates after devaluation for fear of fuelling in-ation.
The orthodox gold supporters attained a resumption of convertibility, but the voices for employment and against deflation attained a significant devaluation from the pre-war parity.
A switch to an outward-oriented strategy, based upon the export of labor-intensive manufactured goods, would have required devaluations so extreme as to be politically impossible.
However, the devaluation greatly stimulated timber exports, which led to greater forest degradation.
The alternative of each country establishing its own regulation could give rise to problems akin to competitive devaluations.
This, in turn, caused the devaluation of the peso in the black market, aggravating inequities between those with access to dollars and those without.
