Smithsonian Agreement
The concord reached among the ten G10 countries following the Nixon shock of 1971 which implemented a par value fixed exchange rate system that was not backed by gold as a replacement for the previous Bretton Woods system of fixed exchange rates. The Smithsonian Agreement allowed the U.S. dollar to devalue significantly relative to other major currencies and the price of gold.
Browse by Subjects
credit reference
exchange control
sales mix
capitalisation of costs