Devaluation of a currency means :
1
Reduction in the value of a currency vis-a-vis major internationally traded currencies
2
Permitting the currency to seek its worth in the international market
3
Fixing the value of the currency in conjunction “with the movement in the value of a basket of pre-determined currencies
4
Fixing the value of currency in multilateral consultation with the IMF, the World Bank‘and the major trading partners.