Venezuelan Bolivar $($A$).$ The Venezuelan government officially floated the Venezuelan bolivar $($Bs$)$ in February $2002.$ Within weeks, its value had moved from the pre$-$float fix of $Bs783=$$$1\mathrm{.}00$ to $Bs1,027=$$$1\mathrm{.}00.$

a$.$ Is this a devaluation or a depreciation?

b$.$ By what percentage did the value change?

a$.$ Is this a devaluation or a depreciation? $($Select from the drop$-$down menu$)$

This is a case in which a government has changed its currency from a governmentally determined fixed rate, to a regime in which the currency is allowed to change in value based on supply and demand forces in the market. As a result of the move, the currency's value in this case was against the U S$.$ dollar: