In July 1944, before the conclusion of World War II, delegates from the 44 allied nations gathered in Bretton Woods, New Hampshire, United States, to reestablish and regulate the international financial systems.[1] The meeting resulted in the founding of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), and was followed by other post-war reconstruction efforts, such as establishing the General Agreement on Tariffs and Trade (GATT). The IMF was charged with the maintenance of a system of international currency exchange rates which became known as the Bretton Woods system.