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FrançaisThe reduction of a currency´s value in relation to other currencies. The exchange values of freely traded currencies are determined by market action. However, governments that interfere with market action can manipulate the value of their currency by fiat. Devaluation…
Read MoreDeveloped countries
A term used to distinguish the more industrialized nations, including most OCDE member countries, from developing or less-developed countries.
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The developing countries generally lack a high degree of industrialization, infrastructure and other capital investment, sophisticated technology, widespread literacy and advanced living standard among their populations as a whole.
Read MoreDeviation clause
An insurance term meaning that coverage will apply even if the vessel or voyage or interested parties unintentionally stated incorrectly or if actual transportation deviated from the intended routing, or was interrupted through no fault of the assured.
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