What was the name of the fixed exchange rate system established in 1944?

What was the name of the fixed exchange rate system established in 1944? The answer is the Bretton Woods system.

The system was designed at the United Nations Monetary and Financial Conference held in July 1944 at Bretton Woods, New Hampshire. Representatives of 44 Allied countries agreed on rules for postwar monetary cooperation, aiming to prevent the competitive devaluations and trade restrictions associated with the interwar years.

Under Bretton Woods, participating countries pegged their currencies to the U.S. dollar within narrow bands. The dollar was, in turn, convertible into gold for foreign governments and central banks at $35 per troy ounce. The arrangement was therefore fixed but adjustable rather than permanently locked: countries could change parities under specified conditions, with the International Monetary Fund involved in the system’s oversight.

The conference also created the IMF and the International Bank for Reconstruction and Development, now part of the World Bank Group. The system weakened when the United States suspended dollar-to-gold convertibility in 1971 and effectively ended in the 1970s. The Smithsonian Agreement and Plaza Accord were later exchange-rate arrangements, not the 1944 system.