Gold was officially abandoned as an international reserve asset

Question

Quizplus · Accepted Answer

The Jamaica Agreement, signed in January 1976, officially abandoned gold as an international reserve asset and allowed for flexible exchange rates among currencies. Prior to this agreement, gold had been a key component of the international monetary system under the Bretton Woods Agreement of 1944, which pegged the value of currencies to gold. The Smithsonian Agreement of 1971 had briefly allowed for a new fixed exchange rate system with a higher gold price, but this proved unsustainable and led to the eventual shift to a floating exchange rate system under the Jamaica Agreement.

Gold Was Officially Abandoned as an International Reserve Asset