Which 1944 agreement made the US dollar the central currency for the postwar monetary system?

The Bretton Woods Agreement made the US dollar the central currency for the postwar monetary system in 1944. Delegates from 44 Allied countries met at Bretton Woods, New Hampshire, to design rules for international finance after World War II.

The system used fixed exchange rates, with participating currencies linked to the dollar. The dollar was convertible into gold for foreign official holders at $35 per troy ounce, while other currencies were adjusted against the dollar.

The conference also created the International Monetary Fund and the International Bank for Reconstruction and Development, now part of the World Bank Group. These institutions were intended to support monetary stability and postwar reconstruction.

The United States ended dollar convertibility into gold in 1971. The fixed-rate Bretton Woods system then unraveled, although the dollar remained the dominant currency in global reserves, trade, and finance.