What term means an official lowering of a fixed exchange rate?

What term means an official lowering of a fixed exchange rate? Devaluation is an official lowering of a currency’s value within a fixed exchange-rate system.

Under a fixed or pegged system, a government or monetary authority maintains the currency at a stated rate against another currency or a basket of currencies. A devaluation formally resets that rate lower. The authority may then intervene in foreign-exchange markets to support the new level.

Devaluation can make a country’s exports less expensive to foreign buyers and imports more expensive for domestic consumers. Policymakers may use it to improve competitiveness or address persistent external imbalances, but it can also increase inflation, reduce purchasing power and raise the local-currency burden of foreign debt.

The key contrast is depreciation: depreciation is a market-driven fall under a floating exchange rate, whereas devaluation is an official decision under a fixed or managed regime. The opposite official move is revaluation. Redenomination merely changes the unit or face value of money, and dollarization replaces a national currency with a foreign one.