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British Pound Sterling (GBP) Exchange Rates on 17th May 2024 (17/05/2024)

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Exchange rates for British Pound Sterling (GBP)

					Updated: 2024-05-17
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	GBP	1	GBP to GBP	1	GBP to GBP
GBP	BGN	2.2803	GBP to BGN	0.4385	BGN to GBP
GBP	HRK	8.8588	GBP to HRK	0.1129	HRK to GBP
GBP	CZK	28.8226	GBP to CZK	0.0347	CZK to GBP
GBP	DKK	8.6972	GBP to DKK	0.115	DKK to GBP
GBP	EEK	0	GBP to EEK	0	EEK to GBP
GBP	HUF	449.721	GBP to HUF	0.0022	HUF to GBP
GBP	KZT	557.4097	GBP to KZT	0.0018	KZT to GBP
GBP	LVL	0.7677	GBP to LVL	1.3026	LVL to GBP
GBP	LTL	0	GBP to LTL	0	LTL to GBP
GBP	MKD	71.7482	GBP to MKD	0.0139	MKD to GBP
GBP	MDL	22.2969	GBP to MDL	0.0448	MDL to GBP
GBP	NOK	13.5262	GBP to NOK	0.0739	NOK to GBP
GBP	PLN	4.9679	GBP to PLN	0.2013	PLN to GBP
GBP	RON	5.7987	GBP to RON	0.1725	RON to GBP
GBP	RUB	115.1774	GBP to RUB	0.0087	RUB to GBP
GBP	SKK	0	GBP to SKK	0	SKK to GBP
GBP	SEK	13.5107	GBP to SEK	0.074	SEK to GBP
GBP	CHF	1.1426	GBP to CHF	0.8752	CHF to GBP
GBP	TRY	40.8897	GBP to TRY	0.0245	TRY to GBP
GBP	UAH	49.9243	GBP to UAH	0.02	UAH to GBP

					Updated: 2024-05-17
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	ARS	1124.164	GBP to ARS	0.0009	ARS to GBP
GBP	BOB	8.7146	GBP to BOB	0.1147	BOB to GBP
GBP	BRL	6.517	GBP to BRL	0.1534	BRL to GBP
GBP	CAD	1.7263	GBP to CAD	0.5793	CAD to GBP
GBP	KYD	1.051	GBP to KYD	0.9515	KYD to GBP
GBP	CLP	1148.9743	GBP to CLP	0.0009	CLP to GBP
GBP	COP	4853.4111	GBP to COP	0.0002	COP to GBP
GBP	CRC	646.1522	GBP to CRC	0.0015	CRC to GBP
GBP	DOP	73.6563	GBP to DOP	0.0136	DOP to GBP
GBP	SVC	11.0354	GBP to SVC	0.0906	SVC to GBP
GBP	FJD	2.828	GBP to FJD	0.3536	FJD to GBP
GBP	HNL	31.1713	GBP to HNL	0.0321	HNL to GBP
GBP	JMD	196.6173	GBP to JMD	0.0051	JMD to GBP
GBP	MXN	21.1863	GBP to MXN	0.0472	MXN to GBP
GBP	ANG	2.2729	GBP to ANG	0.44	ANG to GBP
GBP	PYG	9463.7634	GBP to PYG	0.0001	PYG to GBP
GBP	PEN	4.6919	GBP to PEN	0.2131	PEN to GBP
GBP	TTD	8.5597	GBP to TTD	0.1168	TTD to GBP
GBP	USD	1.2692	GBP to USD	0.7879	USD to GBP
GBP	UYU	48.6062	GBP to UYU	0.0206	UYU to GBP
GBP	VEF	4597451.2317	GBP to VEF	0	VEF to GBP

					Updated: 2024-05-17
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	AUD	1.8968	GBP to AUD	0.5272	AUD to GBP
GBP	BDT	147.6828	GBP to BDT	0.0068	BDT to GBP
GBP	BND	1.7017	GBP to BND	0.5877	BND to GBP
GBP	CNY	9.1569	GBP to CNY	0.1092	CNY to GBP
GBP	INR	105.93	GBP to INR	0.0094	INR to GBP
GBP	IDR	20231.1476	GBP to IDR	0	IDR to GBP
GBP	JPY	195.3953	GBP to JPY	0.0051	JPY to GBP
GBP	MYR	5.9423	GBP to MYR	0.1683	MYR to GBP
GBP	MVR	19.6087	GBP to MVR	0.051	MVR to GBP
GBP	NPR	168.0777	GBP to NPR	0.0059	NPR to GBP
GBP	NZD	2.0711	GBP to NZD	0.4828	NZD to GBP
GBP	PKR	350.9127	GBP to PKR	0.0028	PKR to GBP
GBP	PGK	4.8957	GBP to PGK	0.2043	PGK to GBP
GBP	PHP	72.7677	GBP to PHP	0.0137	PHP to GBP
GBP	SCR	17.3662	GBP to SCR	0.0576	SCR to GBP
GBP	SGD	1.704	GBP to SGD	0.5869	SGD to GBP
GBP	KRW	1708.7885	GBP to KRW	0.0006	KRW to GBP
GBP	LKR	380.7405	GBP to LKR	0.0026	LKR to GBP
GBP	TWD	40.6776	GBP to TWD	0.0246	TWD to GBP
GBP	THB	45.9163	GBP to THB	0.0218	THB to GBP

					Updated: 2024-05-17
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	BHD	0.4784	GBP to BHD	2.0901	BHD to GBP
GBP	EGP	59.4343	GBP to EGP	0.0168	EGP to GBP
GBP	HKD	9.9052	GBP to HKD	0.101	HKD to GBP
GBP	ILS	4.661	GBP to ILS	0.2145	ILS to GBP
GBP	JOD	0.8997	GBP to JOD	1.1115	JOD to GBP
GBP	KWD	0.3899	GBP to KWD	2.5648	KWD to GBP
GBP	LBP	112934.2427	GBP to LBP	0	LBP to GBP
GBP	OMR	0.4885	GBP to OMR	2.0471	OMR to GBP
GBP	QAR	4.6223	GBP to QAR	0.2163	QAR to GBP
GBP	SAR	4.7599	GBP to SAR	0.2101	SAR to GBP
GBP	AED	4.6617	GBP to AED	0.2145	AED to GBP
GBP	YER	317.1045	GBP to YER	0.0032	YER to GBP

					Updated: 2024-05-17
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	DZD	170.5818	GBP to DZD	0.0059	DZD to GBP
GBP	KES	164.5738	GBP to KES	0.0061	KES to GBP
GBP	MUR	58.3193	GBP to MUR	0.0171	MUR to GBP
GBP	MAD	12.6018	GBP to MAD	0.0794	MAD to GBP
GBP	NAD	23.1749	GBP to NAD	0.0432	NAD to GBP
GBP	NIO	46.4301	GBP to NIO	0.0215	NIO to GBP
GBP	NGN	1925.3254	GBP to NGN	0.0005	NGN to GBP
GBP	SLL	26614.0506	GBP to SLL	0	SLL to GBP
GBP	ZAR	23.2083	GBP to ZAR	0.0431	ZAR to GBP
GBP	TZS	3287.1701	GBP to TZS	0.0003	TZS to GBP
GBP	TND	3.965	GBP to TND	0.2522	TND to GBP
GBP	UGX	4747.6062	GBP to UGX	0.0002	UGX to GBP
GBP	XOF	764.2269	GBP to XOF	0.0013	XOF to GBP
GBP	ZMK	11424.1285	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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