British Pound Sterling (GBP) Exchange Rates on 29th January 2020 (29/01/2020)

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Exchange rates for British Pound Sterling (GBP)

Updated: 2020-01-29
Convert from Convert to 1 GBP Conversion in currency Conversion
GBP GBP 1 GBP to GBP 1 GBP to GBP
GBP BGN 2.3127 GBP to BGN 0.4324 BGN to GBP
GBP HRK 8.7971 GBP to HRK 0.1137 HRK to GBP
GBP CZK 29.8274 GBP to CZK 0.0335 CZK to GBP
GBP DKK 8.8355 GBP to DKK 0.1132 DKK to GBP
GBP EEK 0 GBP to EEK 0 EEK to GBP
GBP HUF 399.6984 GBP to HUF 0.0025 HUF to GBP
GBP KZT 495.7058 GBP to KZT 0.002 KZT to GBP
GBP LVL 0.7879 GBP to LVL 1.2692 LVL to GBP
GBP LTL 3.846 GBP to LTL 0.26 LTL to GBP
GBP MKD 72.713 GBP to MKD 0.0138 MKD to GBP
GBP MDL 22.8802 GBP to MDL 0.0437 MDL to GBP
GBP NOK 11.8691 GBP to NOK 0.0843 NOK to GBP
GBP PLN 5.0497 GBP to PLN 0.198 PLN to GBP
GBP RON 5.6492 GBP to RON 0.177 RON to GBP
GBP RUB 81.117 GBP to RUB 0.0123 RUB to GBP
GBP SKK 0 GBP to SKK 0 SKK to GBP
GBP SEK 12.5104 GBP to SEK 0.0799 SEK to GBP
GBP CHF 1.2681 GBP to CHF 0.7886 CHF to GBP
GBP TRY 7.7429 GBP to TRY 0.1292 TRY to GBP
GBP UAH 32.2137 GBP to UAH 0.031 UAH to GBP
Updated: 2020-01-29
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GBP ARS 78.2805 GBP to ARS 0.0128 ARS to GBP
GBP BOB 9.0021 GBP to BOB 0.1111 BOB to GBP
GBP BRL 5.4638 GBP to BRL 0.183 BRL to GBP
GBP CAD 1.7142 GBP to CAD 0.5834 CAD to GBP
GBP KYD 1.0849 GBP to KYD 0.9217 KYD to GBP
GBP CLP 1025.7146 GBP to CLP 0.001 CLP to GBP
GBP COP 4410.9213 GBP to COP 0.0002 COP to GBP
GBP CRC 736.1896 GBP to CRC 0.0014 CRC to GBP
GBP DOP 69.2443 GBP to DOP 0.0144 DOP to GBP
GBP SVC 11.3918 GBP to SVC 0.0878 SVC to GBP
GBP FJD 2.844 GBP to FJD 0.3516 FJD to GBP
GBP HNL 32.0612 GBP to HNL 0.0312 HNL to GBP
GBP JMD 181.5007 GBP to JMD 0.0055 JMD to GBP
GBP MXN 24.3689 GBP to MXN 0.041 MXN to GBP
GBP ANG 2.1416 GBP to ANG 0.467 ANG to GBP
GBP PYG 8488.7065 GBP to PYG 0.0001 PYG to GBP
GBP PEN 4.3377 GBP to PEN 0.2305 PEN to GBP
GBP TTD 8.8025 GBP to TTD 0.1136 TTD to GBP
GBP USD 1.3025 GBP to USD 0.7678 USD to GBP
GBP UYU 48.4469 GBP to UYU 0.0206 UYU to GBP
GBP VEF 13.0087 GBP to VEF 0.0769 VEF to GBP
Updated: 2020-01-29
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GBP AUD 1.9245 GBP to AUD 0.5196 AUD to GBP
GBP BDT 110.3685 GBP to BDT 0.0091 BDT to GBP
GBP BND 1.7689 GBP to BND 0.5653 BND to GBP
GBP CNY 9.0352 GBP to CNY 0.1107 CNY to GBP
GBP INR 92.7529 GBP to INR 0.0108 INR to GBP
GBP IDR 17748.8276 GBP to IDR 0.0001 IDR to GBP
GBP JPY 142.0881 GBP to JPY 0.007 JPY to GBP
GBP MYR 5.3149 GBP to MYR 0.1882 MYR to GBP
GBP MVR 20.1238 GBP to MVR 0.0497 MVR to GBP
GBP NPR 148.5372 GBP to NPR 0.0067 NPR to GBP
GBP NZD 1.9934 GBP to NZD 0.5017 NZD to GBP
GBP PKR 201.2946 GBP to PKR 0.005 PKR to GBP
GBP PGK 4.4393 GBP to PGK 0.2253 PGK to GBP
GBP PHP 66.2094 GBP to PHP 0.0151 PHP to GBP
GBP SCR 17.8445 GBP to SCR 0.056 SCR to GBP
GBP SGD 1.7688 GBP to SGD 0.5654 SGD to GBP
GBP KRW 1533.5448 GBP to KRW 0.0007 KRW to GBP
GBP LKR 236.2789 GBP to LKR 0.0042 LKR to GBP
GBP TWD 39.187 GBP to TWD 0.0255 TWD to GBP
GBP THB 40.2956 GBP to THB 0.0248 THB to GBP
Updated: 2020-01-29
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GBP BHD 0.4911 GBP to BHD 2.0364 BHD to GBP
GBP EGP 20.5784 GBP to EGP 0.0486 EGP to GBP
GBP HKD 10.1262 GBP to HKD 0.0988 HKD to GBP
GBP ILS 4.4989 GBP to ILS 0.2223 ILS to GBP
GBP JOD 0.9237 GBP to JOD 1.0826 JOD to GBP
GBP KWD 0.3958 GBP to KWD 2.5264 KWD to GBP
GBP LBP 1968.3252 GBP to LBP 0.0005 LBP to GBP
GBP OMR 0.5015 GBP to OMR 1.9942 OMR to GBP
GBP QAR 4.7424 GBP to QAR 0.2109 QAR to GBP
GBP SAR 4.8871 GBP to SAR 0.2046 SAR to GBP
GBP AED 4.7841 GBP to AED 0.209 AED to GBP
GBP YER 326.0186 GBP to YER 0.0031 YER to GBP
Updated: 2020-01-29
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GBP DZD 156.4867 GBP to DZD 0.0064 DZD to GBP
GBP KES 131.362 GBP to KES 0.0076 KES to GBP
GBP MUR 47.9947 GBP to MUR 0.0208 MUR to GBP
GBP MAD 12.5698 GBP to MAD 0.0796 MAD to GBP
GBP NAD 18.925 GBP to NAD 0.0528 NAD to GBP
GBP NIO 43.9176 GBP to NIO 0.0228 NIO to GBP
GBP NGN 472.1613 GBP to NGN 0.0021 NGN to GBP
GBP SLL 12634.2861 GBP to SLL 0.0001 SLL to GBP
GBP ZAR 18.9188 GBP to ZAR 0.0529 ZAR to GBP
GBP TZS 3002.907 GBP to TZS 0.0003 TZS to GBP
GBP TND 3.6877 GBP to TND 0.2712 TND to GBP
GBP UGX 4788.063 GBP to UGX 0.0002 UGX to GBP
GBP XOF 775.5574 GBP to XOF 0.0013 XOF to GBP
GBP ZMK 11724.0816 GBP to ZMK 0.0001 ZMK to GBP



British Pound Sterling (GBP)

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
XE.com Live Currency Converter for GBP

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