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British Pound Sterling (GBP) Exchange Rates on 18th August 2022 (18/08/2022)

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Exchange rates for British Pound Sterling (GBP)

Updated: 2022-08-18
Convert from Convert to 1 GBP Conversion in currency Conversion
GBP GBP GBP GBP 1 GBP to GBP 1 GBP to GBP
GBP GBP BGN BGN 2.3118 GBP to BGN 0.4326 BGN to GBP
GBP GBP HRK HRK 8.884 GBP to HRK 0.1126 HRK to GBP
GBP GBP CZK CZK 29.0484 GBP to CZK 0.0344 CZK to GBP
GBP GBP DKK DKK 8.8032 GBP to DKK 0.1136 DKK to GBP
GBP GBP EEK EEK 0 GBP to EEK 0 EEK to GBP
GBP GBP HUF HUF 476.8389 GBP to HUF 0.0021 HUF to GBP
GBP GBP KZT KZT 573.3763 GBP to KZT 0.0017 KZT to GBP
GBP GBP LVL LVL 0.728 GBP to LVL 1.3737 LVL to GBP
GBP GBP LTL LTL 0 GBP to LTL 0 LTL to GBP
GBP GBP MKD MKD 72.7839 GBP to MKD 0.0137 MKD to GBP
GBP GBP MDL MDL 23.119 GBP to MDL 0.0433 MDL to GBP
GBP GBP NOK NOK 11.6963 GBP to NOK 0.0855 NOK to GBP
GBP GBP PLN PLN 5.5677 GBP to PLN 0.1796 PLN to GBP
GBP GBP RON RON 5.7755 GBP to RON 0.1731 RON to GBP
GBP GBP RUB RUB 73.0224 GBP to RUB 0.0137 RUB to GBP
GBP GBP SKK SKK 0 GBP to SKK 0 SKK to GBP
GBP GBP SEK SEK 12.5232 GBP to SEK 0.0799 SEK to GBP
GBP GBP CHF CHF 1.1457 GBP to CHF 0.8728 CHF to GBP
GBP GBP TRY TRY 21.5991 GBP to TRY 0.0463 TRY to GBP
GBP GBP UAH UAH 44.381 GBP to UAH 0.0225 UAH to GBP
Updated: 2022-08-18
Convert from Convert to 1 GBP Conversion in currency Conversion
GBP GBP ARS ARS 163.1134 GBP to ARS 0.0061 ARS to GBP
GBP GBP BOB BOB 8.3113 GBP to BOB 0.1203 BOB to GBP
GBP GBP BRL BRL 6.2176 GBP to BRL 0.1608 BRL to GBP
GBP GBP CAD CAD 1.5555 GBP to CAD 0.6429 CAD to GBP
GBP GBP KYD KYD 1.0016 GBP to KYD 0.9984 KYD to GBP
GBP GBP CLP CLP 1080.2674 GBP to CLP 0.0009 CLP to GBP
GBP GBP COP COP 5228.6634 GBP to COP 0.0002 COP to GBP
GBP GBP CRC CRC 798.3599 GBP to CRC 0.0013 CRC to GBP
GBP GBP DOP DOP 64.7902 GBP to DOP 0.0154 DOP to GBP
GBP GBP SVC SVC 10.5168 GBP to SVC 0.0951 SVC to GBP
GBP GBP FJD FJD 2.6434 GBP to FJD 0.3783 FJD to GBP
GBP GBP HNL HNL 29.5695 GBP to HNL 0.0338 HNL to GBP
GBP GBP JMD JMD 181.9023 GBP to JMD 0.0055 JMD to GBP
GBP GBP MXN MXN 24.0704 GBP to MXN 0.0415 MXN to GBP
GBP GBP ANG ANG 2.1662 GBP to ANG 0.4616 ANG to GBP
GBP GBP PYG PYG 8264.3908 GBP to PYG 0.0001 PYG to GBP
GBP GBP PEN PEN 4.6156 GBP to PEN 0.2167 PEN to GBP
GBP GBP TTD TTD 8.1541 GBP to TTD 0.1226 TTD to GBP
GBP GBP USD USD 1.2035 GBP to USD 0.8309 USD to GBP
GBP GBP UYU UYU 48.2033 GBP to UYU 0.0207 UYU to GBP
GBP GBP VEF VEF 257834557006.06 GBP to VEF 0 VEF to GBP
Updated: 2022-08-18
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GBP GBP AUD AUD 1.7392 GBP to AUD 0.575 AUD to GBP
GBP GBP BDT BDT 114.2128 GBP to BDT 0.0088 BDT to GBP
GBP GBP BND BND 1.6609 GBP to BND 0.6021 BND to GBP
GBP GBP CNY CNY 8.1683 GBP to CNY 0.1224 CNY to GBP
GBP GBP INR INR 95.8471 GBP to INR 0.0104 INR to GBP
GBP GBP IDR IDR 17861.6819 GBP to IDR 0.0001 IDR to GBP
GBP GBP JPY JPY 162.5607 GBP to JPY 0.0062 JPY to GBP
GBP GBP MYR MYR 5.382 GBP to MYR 0.1858 MYR to GBP
GBP GBP MVR MVR 18.4736 GBP to MVR 0.0541 MVR to GBP
GBP GBP NPR NPR 152.5983 GBP to NPR 0.0066 NPR to GBP
GBP GBP NZD NZD 1.9194 GBP to NZD 0.521 NZD to GBP
GBP GBP PKR PKR 258.1134 GBP to PKR 0.0039 PKR to GBP
GBP GBP PGK PGK 4.236 GBP to PGK 0.2361 PGK to GBP
GBP GBP PHP PHP 67.281 GBP to PHP 0.0149 PHP to GBP
GBP GBP SCR SCR 15.6381 GBP to SCR 0.0639 SCR to GBP
GBP GBP SGD SGD 1.665 GBP to SGD 0.6006 SGD to GBP
GBP GBP KRW KRW 1588.7261 GBP to KRW 0.0006 KRW to GBP
GBP GBP LKR LKR 432.6925 GBP to LKR 0.0023 LKR to GBP
GBP GBP TWD TWD 36.1152 GBP to TWD 0.0277 TWD to GBP
GBP GBP THB THB 42.7725 GBP to THB 0.0234 THB to GBP
Updated: 2022-08-18
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GBP GBP BHD BHD 0.4537 GBP to BHD 2.204 BHD to GBP
GBP GBP EGP EGP 23.0187 GBP to EGP 0.0434 EGP to GBP
GBP GBP HKD HKD 9.4397 GBP to HKD 0.1059 HKD to GBP
GBP GBP ILS ILS 3.9118 GBP to ILS 0.2556 ILS to GBP
GBP GBP JOD JOD 0.8533 GBP to JOD 1.1719 JOD to GBP
GBP GBP KWD KWD 0.3694 GBP to KWD 2.7072 KWD to GBP
GBP GBP LBP LBP 1817.4972 GBP to LBP 0.0006 LBP to GBP
GBP GBP OMR OMR 0.4634 GBP to OMR 2.1582 OMR to GBP
GBP GBP QAR QAR 4.3819 GBP to QAR 0.2282 QAR to GBP
GBP GBP SAR SAR 4.5186 GBP to SAR 0.2213 SAR to GBP
GBP GBP AED AED 4.4206 GBP to AED 0.2262 AED to GBP
GBP GBP YER YER 301.1758 GBP to YER 0.0033 YER to GBP
Updated: 2022-08-18
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GBP GBP DZD DZD 170.9445 GBP to DZD 0.0058 DZD to GBP
GBP GBP KES KES 143.6258 GBP to KES 0.007 KES to GBP
GBP GBP MUR MUR 54.6996 GBP to MUR 0.0183 MUR to GBP
GBP GBP MAD MAD 12.5319 GBP to MAD 0.0798 MAD to GBP
GBP GBP NAD NAD 19.7128 GBP to NAD 0.0507 NAD to GBP
GBP GBP NIO NIO 43.197 GBP to NIO 0.0231 NIO to GBP
GBP GBP NGN NGN 506.0234 GBP to NGN 0.002 NGN to GBP
GBP GBP SLL SLL 16770.7533 GBP to SLL 0.0001 SLL to GBP
GBP GBP ZAR ZAR 20.0742 GBP to ZAR 0.0498 ZAR to GBP
GBP GBP TZS TZS 2805.3489 GBP to TZS 0.0004 TZS to GBP
GBP GBP TND TND 3.7801 GBP to TND 0.2645 TND to GBP
GBP GBP UGX UGX 4543.076 GBP to UGX 0.0002 UGX to GBP
GBP GBP XOF XOF 774.8621 GBP to XOF 0.0013 XOF to GBP
GBP GBP ZMK ZMK 10832.9647 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

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