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British Pound Sterling (GBP) Exchange Rates on 06th May 2024 (06/05/2024)

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Exchange rates for British Pound Sterling (GBP)

					Updated: 2024-05-06
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	GBP	1	GBP to GBP	1	GBP to GBP
GBP	BGN	2.2801	GBP to BGN	0.4386	BGN to GBP
GBP	HRK	8.8836	GBP to HRK	0.1126	HRK to GBP
GBP	CZK	29.2259	GBP to CZK	0.0342	CZK to GBP
GBP	DKK	8.6941	GBP to DKK	0.115	DKK to GBP
GBP	EEK	0	GBP to EEK	0	EEK to GBP
GBP	HUF	454.104	GBP to HUF	0.0022	HUF to GBP
GBP	KZT	556.4753	GBP to KZT	0.0018	KZT to GBP
GBP	LVL	0.759	GBP to LVL	1.3176	LVL to GBP
GBP	LTL	0	GBP to LTL	0	LTL to GBP
GBP	MKD	71.73	GBP to MKD	0.0139	MKD to GBP
GBP	MDL	22.1786	GBP to MDL	0.0451	MDL to GBP
GBP	NOK	13.6364	GBP to NOK	0.0733	NOK to GBP
GBP	PLN	5.0404	GBP to PLN	0.1984	PLN to GBP
GBP	RON	5.7969	GBP to RON	0.1725	RON to GBP
GBP	RUB	114.907	GBP to RUB	0.0087	RUB to GBP
GBP	SKK	0	GBP to SKK	0	SKK to GBP
GBP	SEK	13.5707	GBP to SEK	0.0737	SEK to GBP
GBP	CHF	1.1365	GBP to CHF	0.8799	CHF to GBP
GBP	TRY	40.5251	GBP to TRY	0.0247	TRY to GBP
GBP	UAH	49.269	GBP to UAH	0.0203	UAH to GBP

					Updated: 2024-05-06
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	ARS	1099.7947	GBP to ARS	0.0009	ARS to GBP
GBP	BOB	8.6705	GBP to BOB	0.1153	BOB to GBP
GBP	BRL	6.3999	GBP to BRL	0.1563	BRL to GBP
GBP	CAD	1.7169	GBP to CAD	0.5824	CAD to GBP
GBP	KYD	1.0434	GBP to KYD	0.9584	KYD to GBP
GBP	CLP	1183.214	GBP to CLP	0.0008	CLP to GBP
GBP	COP	4877.1729	GBP to COP	0.0002	COP to GBP
GBP	CRC	639.9174	GBP to CRC	0.0016	CRC to GBP
GBP	DOP	72.7555	GBP to DOP	0.0137	DOP to GBP
GBP	SVC	10.9547	GBP to SVC	0.0913	SVC to GBP
GBP	FJD	2.8273	GBP to FJD	0.3537	FJD to GBP
GBP	HNL	30.9295	GBP to HNL	0.0323	HNL to GBP
GBP	JMD	196.5671	GBP to JMD	0.0051	JMD to GBP
GBP	MXN	21.2846	GBP to MXN	0.047	MXN to GBP
GBP	ANG	2.2564	GBP to ANG	0.4432	ANG to GBP
GBP	PYG	9373.2639	GBP to PYG	0.0001	PYG to GBP
GBP	PEN	4.6739	GBP to PEN	0.214	PEN to GBP
GBP	TTD	8.4796	GBP to TTD	0.1179	TTD to GBP
GBP	USD	1.2542	GBP to USD	0.7973	USD to GBP
GBP	UYU	47.9777	GBP to UYU	0.0208	UYU to GBP
GBP	VEF	4543724.1182	GBP to VEF	0	VEF to GBP

					Updated: 2024-05-06
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	AUD	1.8964	GBP to AUD	0.5273	AUD to GBP
GBP	BDT	137.4115	GBP to BDT	0.0073	BDT to GBP
GBP	BND	1.6929	GBP to BND	0.5907	BND to GBP
GBP	CNY	9.0546	GBP to CNY	0.1104	CNY to GBP
GBP	INR	104.7	GBP to INR	0.0096	INR to GBP
GBP	IDR	20103.0433	GBP to IDR	0	IDR to GBP
GBP	JPY	193.1112	GBP to JPY	0.0052	JPY to GBP
GBP	MYR	5.9493	GBP to MYR	0.1681	MYR to GBP
GBP	MVR	19.1348	GBP to MVR	0.0523	MVR to GBP
GBP	NPR	167.173	GBP to NPR	0.006	NPR to GBP
GBP	NZD	2.0908	GBP to NZD	0.4783	NZD to GBP
GBP	PKR	348.3052	GBP to PKR	0.0029	PKR to GBP
GBP	PGK	4.8399	GBP to PGK	0.2066	PGK to GBP
GBP	PHP	71.8133	GBP to PHP	0.0139	PHP to GBP
GBP	SCR	17.2775	GBP to SCR	0.0579	SCR to GBP
GBP	SGD	1.6963	GBP to SGD	0.5895	SGD to GBP
GBP	KRW	1706.077	GBP to KRW	0.0006	KRW to GBP
GBP	LKR	372.1563	GBP to LKR	0.0027	LKR to GBP
GBP	TWD	40.5578	GBP to TWD	0.0247	TWD to GBP
GBP	THB	46.1003	GBP to THB	0.0217	THB to GBP

					Updated: 2024-05-06
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	BHD	0.4721	GBP to BHD	2.1182	BHD to GBP
GBP	EGP	60.133	GBP to EGP	0.0166	EGP to GBP
GBP	HKD	9.8057	GBP to HKD	0.102	HKD to GBP
GBP	ILS	4.6629	GBP to ILS	0.2145	ILS to GBP
GBP	JOD	0.8892	GBP to JOD	1.1246	JOD to GBP
GBP	KWD	0.3857	GBP to KWD	2.5929	KWD to GBP
GBP	LBP	112120.5501	GBP to LBP	0	LBP to GBP
GBP	OMR	0.4827	GBP to OMR	2.0716	OMR to GBP
GBP	QAR	4.5684	GBP to QAR	0.2189	QAR to GBP
GBP	SAR	4.7046	GBP to SAR	0.2126	SAR to GBP
GBP	AED	4.6085	GBP to AED	0.217	AED to GBP
GBP	YER	313.9957	GBP to YER	0.0032	YER to GBP

					Updated: 2024-05-06
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	DZD	168.7904	GBP to DZD	0.0059	DZD to GBP
GBP	KES	165.8996	GBP to KES	0.006	KES to GBP
GBP	MUR	57.9734	GBP to MUR	0.0172	MUR to GBP
GBP	MAD	12.6287	GBP to MAD	0.0792	MAD to GBP
GBP	NAD	23.2108	GBP to NAD	0.0431	NAD to GBP
GBP	NIO	46.0969	GBP to NIO	0.0217	NIO to GBP
GBP	NGN	1748.4312	GBP to NGN	0.0006	NGN to GBP
GBP	SLL	26310.7543	GBP to SLL	0	SLL to GBP
GBP	ZAR	23.2359	GBP to ZAR	0.043	ZAR to GBP
GBP	TZS	3247.6008	GBP to TZS	0.0003	TZS to GBP
GBP	TND	3.9148	GBP to TND	0.2554	TND to GBP
GBP	UGX	4735.4549	GBP to UGX	0.0002	UGX to GBP
GBP	XOF	764.1453	GBP to XOF	0.0013	XOF to GBP
GBP	ZMK	11289.5065	GBP to ZMK	0.0001	ZMK to GBP

British Pound Sterling (GBP)
1 British Pound Sterling

Sign £
1 Pound is subdivided into 100 pence.

GBP is the currency code for the pound sterling which is represented in accounting with the � symbol. The GBP is the fourth most traded currency and third most widely held reserve currency in the world. It is issued by the second oldest central bank in the world, the Bank of England, once known as the Governor and Company of the Bank of England. The Bank of England was, at its formation in 1694, a private bank until 1931 when it was placed under the control of the British Treasury Department with it finally being fully nationalized in 1946. This is how it remained until 1998 when it was returned to the Treasury, this time as a wholly owned, yet independent public organization.

Coins used:
- frequently used: 1p, 2p, 5p, 10p, 20p, 50p, �1, �2
- rarely used: �5

Banknotes used:
- frequently used: �5, �10, �20
- rarely used: �1 (Scot. & IoM only), �50, �100 (Scot. & N. Ireland only)

Central Bank
Bank of England
http://www.bankofengland.co.uk
The Bank of England issues GBP currency within Wales and England and controls GBP issuance in Scotland and Northern Ireland. Though it retains this sovereign control over GBP in these core countries, there are 7 other central banks that have the power to issue GBP throughout the United Kingdom, each in their own respective countries.

This is because GBP is the official currency of the entire United Kingdom, the Channel Islands, the Isle of Man, as well as British dependencies and territories such as South Georgia, the South Sandwich Islands, British Antarctica, as well as Tristan da Cunha. Each of these dependencies and territories have their own issuances of GBP. While not the only major currency in the world that is issued by more than a single central bank, the GBP is the largest currency that has this unique characteristic. This makes it particularly difficult to understand the specific movement of the currency relative to worldwide markets because it is in fact not reflective of the monetary policy or economic condition of a particular nation. The issuance is spread across multiple economies and varied economic conditions as well as the local monetary policy responses to those conditions at any given time.

Therefore even though the Bank of England has a Monetary Policy Committee (MPC), their power over the GBP is limited. This limitation is increased with knowing that the MPC itself is responsible for carrying out directives from the Treasury if such directives are also backed by Parliament. Short of these additional directives, the Bank of England MPC is tasked with pursuing the economic target of price stability through the setting of interest rates. The MPC is comprised of 8 directors and the Governor of the Bank of England. The MPC is designed to be independent of political influence yet is accountable to both the Treasury and Parliament, this accountability certainly influences decisions made, albeit indirectly. The MPC has a substantial impact on the circulation and valuation of the GBP.

The value of the historical currencies of England in the 17th century was as an enforceable legal tender value relative to gold. By 1816 the direct relation of British currency relative to silver was established, this being the first precursor to the existing name as the pound sterling, but as the underlying currency fluctuating between being used as legal tender and simply as a value based banknote. Over time the British currency switched between the gold and silver standard with the any standard being completely abolished in 1914. After World War I they returned to a version of the gold standard in order to stifle post war inflation. The gold standard was once again abolished at the outset of the Great Depression, in 1931, causing a sudden devaluation of the GBP by over 25%. Nine years later in 1940, the Bretton Woods system was adopted and the GBP was pegged to the USD. This held until the pressures of post World War II debt forced England to devalue the currency over 30% in 1949, yet they still remained within Bretton Woods, simply at a lower valuation. In the 1960's with the exchange rate remaining at the 1949 fixed point relative to the USD the GBP was devalued again this time by 14.3% in November 1967. When Bretton Woods finally disintegrated in 1971, the GBP became a de facto floating currency and has remained as such to the current day.

This long history of the GBP shows the ways in which some valuations and currencies can experience long periods of stability and then bounce through different standards, valuations, and policies within a single decade. Within each of these movements there is a complexity of international issues and interdependence that affects each new development. The most recent of which is the debate of whether the GBP should be consolidated into the euro. This consolidation would be complex given the dispersed central bank structure of the GBP and could include a partial transfer of the GBP to EUR leaving the remaining GBP issuers outside the eurozone. This is treated primarily as a political topic relative to the GBP and yet it can and will have a substantial impact on the economies of the United Kingdom as well as all those using it not only as a reserve currency to supplement the euro, effectively narrowing their diversification, but also for those that see the largess of the United Kingdom economy substantially influencing the current dynamics within the eurozone.

These are all value and circulation issues that will drastically impact the GBP as a currency over the next 2-10 years. Aside from the political issues of circulation, absorption into the euro, and standards of value is the current issue of GBP acceptance as legal tender. As it stands, similar to the CAD, which has its roots in ties to the GBP, there are maximum legal values set for acceptance of the GBP as legal tender. These guidelines place maximum restrictions at 20p with 1p or 2p coins, �5 with 5p or 10p coins, �10 with 20p through 50p coins, and unlimited with �1-� 5 coins. There is no restriction on the acceptance of banknotes as legal tender.

The GBP is a complex currency that is difficult to forecast given the diversity of central banks and corresponding economies to which each serves. This is further complicated when noting the rapidly changing history of the standard of value connected and rapidly changing history of the GBP, this combines further with the uncertainty of joining the eurozone and the consequences that will result. All of these factors combine to form an uncertain future for the GBP and its place within world trade and as a sovereign currency.

Other References
Wikipedia article on British Pound Sterling

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