Under the Jamaica Agreement,floating exchange rates were declared acceptable,and gold was abandoned as a reserve asset.

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The Jamaica Agreement, which took place in 1976, did indeed declare floating exchange rates as acceptable and abandoned gold as a reserve asset. This was a significant shift in the international monetary system, as previously, currencies were pegged to gold or the US dollar, and exchange rates were fixed. The Jamaica Agreement allowed for more flexibility in exchange rates and reduced reliance on gold as a measure of value.

Under the Jamaica Agreement,floating Exchange Rates Were Declared Acceptable,and Gold