Devaluation means lowering the value of domestic currency in terms of foreign currency. As a result of devaluation, exports become cheaper for the foreigners and imports become expensive for the residents hence an increase in exports and a decrease in imports resulting to a more favourable B.O.P. However, this process of devaluation is only beneficial when the elasticity of demand for exports and imports is high and when the supply of exports is elastic (i.e can be adjusted in the short run unlike perennial crops).
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