An agreement concluded in December 1971 between the ‘Group of Ten’ of the International Monetary Fund at the Smithsonian Institute, Washington. Under the agreement, the major currencies were restored to fixed parities but with a wider margin, ± 2·25 per cent of permitted fluctuation around their par values. The dollar was effectively devalued by about 8 per cent and the dollar price of gold increased to $38 per oz. Sterling was set at $2·6057
Reference: The Penguin Dictionary of Economics, 3rd edt.