What does devaluation of a currency mean? (a) Decrease in the internal value of money (b) Decrease in the external value of money (c) Decrease both in the internal and external values of money (d) None of these
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In modern monetary policy, a devaluation is an official lowering of the value of a country's currency within a fixed exchange rate system, by which the monetary authority formally sets a new fixed rate with respect to a foreign reference currency or currency basket
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I think b is the answer
hope it will help you
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