The Fall of the Bretton Woods System

Establishment of a Dual Gold Market (March 17, 1968)

On March 17, 1968, a dual gold market was established. The price of gold in private markets was set freely according to supply and demand. Under
official agreements for the central banks of the countries, the dollar was convertible into gold at the official rate of $35 per 1 troy ounce.

Temporary Ban on the Conversion of the Dollar into Gold (August 15, 1971)

On August 15, 1971, US President Richard Nixon announced a temporary ban on the conversion of the dollar into gold at the official rate for central
banks. This decision was an important step towards the fall of the Bretton Woods System.

Devaluation of the Dollar (December 17, 1971)

On December 17, 1971, the dollar depreciated against gold by 7.89%. The official price of gold increased from $35 to $38 per troy ounce without
resuming the exchange of dollars for gold at this rate.

Further Devaluation of the Dollar (February 13, 1973)

On February 13, 1973, the dollar devalued again to $42.2 per troy ounce. This was another step towards the final collapse of the Bretton Woods
system.

Jamaica International Conference (March 16, 1973)

On March 16, 1973, at the Jamaica International Conference, it was decided to subordinate exchange rates to the laws of the market. From that time
on, exchange rates were not fixed and changed under the influence of supply and demand. The system of fixed exchange rates ceased to exist.

Jamaica Conference and the New Agreement (January 8, 1976)

After a long transition period during which countries could try out various models of the monetary system, a new agreement on the organization of the
international monetary system was adopted at a meeting of ministers of the IMF member countries in Kingston, Jamaica (Jamaica Conference). It took
the form of amendments to the IMF charter. A model of free mutual convertibility was formed, which was characterized by fluctuations in exchange rates.
The Jamaican monetary system is still in operation in the world today, although in light of the global crisis of 2008-2009, consultations began on the
principles of a new world monetary system (G20 Anti-Crisis Summit, London G-20 Summit).

Additional Aspects

1. Impact on the World Economy: The collapse of the Bretton Woods system led to significant changes in the world economy. The move away
   from fixed exchange rates allowed countries to respond more flexibly to economic challenges and changes in international trade.

2. Role of the IMF: The International Monetary Fund continued to play an important role in stabilizing the world economy by providing financial
   assistance to countries facing economic difficulties.

3. Evolution of Currency Systems: After the collapse of the Bretton Woods system, the world monetary system continued to evolve, adapting to
   the new realities of the global economy. New financial instruments and mechanisms for regulating exchange rates emerged.

4. Technological Advancements: The rapid development of technology and communication systems facilitated faster and more efficient financial
   transactions, which also played a role in the dynamics of the currency system.

5. Global Economic Integration: The increasing integration of global economies meant that financial instability in one major economy could have
   ripple effects across the world, exacerbating the crisis.