The Uzbekistan Ministry of Finance marked the anniversary of U.S. President Richard Nixon’s 1971 decision to suspend the dollar’s convertibility into gold, known as the Nixon Shock. The decision disrupted the central mechanism of the Bretton Woods system, under which gold was valued at USD 35 an ounce and many currencies were pegged to the dollar, and paved the way for market-based exchange rates.
2026-08-15Ministry of Finance (Republic of Uzbekistan)
Uzbekistan Ministry of Finance reviews the Nixon Shock and the breakdown of the Bretton Woods system
The Uzbekistan Ministry of Finance reviewed the 1971 Nixon Shock, which ended the dollar’s convertibility into gold. The decision undermined the Bretton Woods system and paved the way for market-based exchange rates.