Pound Sterling

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Pound Sterling

 

(or pound), a monetary unit of Great Britain. The pound sterling is divided into 100 pence (before February 1971, 1 pound sterling = 20 shillings = 240 pence).

Silver coins with the value of a pound sterling have been minted since the 11th century, and gold coins, since the mid-14th century. Banknotes in pounds sterling were first issued by the Bank of England in 1694. In 1816 a gold monetary standard was introduced in Great Britain, with the official gold content of the pound sterling set at 7.322382 g of pure gold. The standard remained in effect until August 1914. A gold-bullion standard was used from April 1925 through September 1931.

After the gold standard was abandoned and the conversion of banknotes to gold ceased, the pound sterling depreciated: its parity in relation to the US dollar declined from $4.86653 to $3.5 by 1932. The pound was subsequently devalued several times. In 1967 its rate of exchange with the US dollar was $2.4, the official gold content of the pound being equal to 2.13281 g. The currency parity of the pound sterling and the relatively narrow limits of the fluctuation of its exchange rate have not been officially supported since June 1972 (a floating exchange rate is now used).

In June 1977 the exchange rate of the pound sterling with the US dollar was $1.72, and the rate established by the State Bank of the USSR set 1 pound sterling equal to 1 ruble 28 kopeks.

E. D. ZOLOTARENKO

References in periodicals archive ?
A tumultuous week for financial markets left the highly risk-sensitive British Pound sharply lower through Friday's close, and major Bank of England monetary policy decisions further hurt outlook for the downtrodden currency.
February 09 2012 (TUR) -- Buying and selling rates of USD, Euro, British Pound and Swiss Franc in Istanbul and Ankara on Wednesday and Thursday are as follows (in TL): Wednesday Thursday Buying Selling Buying Selling USD 1.7450 1.7500 1.7520 1.7570 Euro 2.3140 2.3190 2.3280 2.3340 British Pound 2.7600 2.8000 2.7700 2.8000 Swiss Franc 1.9000 1.9250 1.9150 1.9350 ANKARA USD 1.7430 1.7550 1.7490 1.7610 Euro 2.3110 2.3280 2.3240 2.3410 British Pound 2.7550 2.8000 2.7570 2.8010
Summary: Continued British Pound strength has been a major theme of recent forex trade, and our currency trading buy/sell signals forecast further British Pound...
February 02 2012 (TUR) -- Buying and selling rates of USD, Euro, British Pound and Swiss Franc in Istanbul and Ankara on Wednesday and Thursday are as follows (in TL): WEDNESDAY THURSDAY Buying Selling Buying Selling U.S.
Summary: Though holding within a range of approximately 1.8100 - 1.8250, the British pound shot higher this morning on the release of UK retail sales as the index...
January 26 2012 (TUR) -- Buying and selling rates of USD, Euro, British Pound and Swiss Franc in Istanbul and Ankara on Wednesday and Thursday are as follows (in TL): WEDNESDAY THURSDAY Buying Selling Buying Selling U.S.
British Pound Could Break Above 1.7950 On UK CPI, BOE Minutes Fundamental Outlook for British Pound: Bullish - UK producer output prices fell by the most since record-keeping began in 1986 - Nevertheless, UK inflation expectations hit a record high of 4.4% - The British pound finally surged at the end of the week, as predicted by DailyFX Analysts There was little in the way of UK data last week, but lately, it's fair to say that most indicators have been disappointing.

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