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The British pound was forced out of the European Exchange Rate Mechanism on Black Wednesday, and suffered a major devaluation.
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Pound sterling
Currency of the United Kingdom
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European Exchange Rate Mechanism
European system to reduce exchange rate variability after the Euro
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Black Wednesday
1992 UK financial crisis
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Devaluation
Official lowering of the value of a country's currency within a fixed exchange-rate system
In macroeconomics and modern monetary policy, a devaluation is an official lowering of the value of a country's currency within a fixed exchange-rate system, in which a monetary authority formally sets a lower exchange rate of the national currency in relation to a foreign…Source: Wikipedia (CC BY-SA)