The exchange rate system established by the Bretton Woods Agreement of 1944-1973 was an adjustable pegged system.

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The Bretton Woods Agreement established a system of fixed exchange rates, with each country's currency pegged to the US dollar, which in turn was backed by gold reserves. However, countries were allowed to adjust the value of their currencies within a certain margin to respond to economic changes. This is why it is known as an adjustable pegged system.

The Exchange Rate System Established by the Bretton Woods Agreement