DEVOLUTION Definition

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DEVOLUTION is the delegation of authority from higher to lower levels.

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SWAPS is when one currency is temporarily exchanged for another, then the currency is held and exchanged later after a fixed period of time. To calculate the swap take the interest rate differential between the two underlying currencies, thus it may be used for speculative purposes to exploit anticipated movement in the interest rates. See INTEREST RATE SWAPS.

NET PURCHASES are those items purchased less returns, discounts and allowances on those purchases.

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