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British Pound Sterling (GBP) Exchange Rates on 29th March 2023 (29/03/2023)

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Exchange rates for British Pound Sterling (GBP)

Updated: 2023-03-29
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 2.2255 GBP to BGN 0.4493 BGN to GBP
GBP GBP HRK HRK 8.6511 GBP to HRK 0.1156 HRK to GBP
GBP GBP CZK CZK 26.8767 GBP to CZK 0.0372 CZK to GBP
GBP GBP DKK DKK 8.4758 GBP to DKK 0.118 DKK to GBP
GBP GBP EEK EEK 0 GBP to EEK 0 EEK to GBP
GBP GBP HUF HUF 433.7786 GBP to HUF 0.0023 HUF to GBP
GBP GBP KZT KZT 558.8242 GBP to KZT 0.0018 KZT to GBP
GBP GBP LVL LVL 0.7456 GBP to LVL 1.3412 LVL to GBP
GBP GBP LTL LTL 0 GBP to LTL 0 LTL to GBP
GBP GBP MKD MKD 70.0546 GBP to MKD 0.0143 MKD to GBP
GBP GBP MDL MDL 22.7275 GBP to MDL 0.044 MDL to GBP
GBP GBP NOK NOK 12.7777 GBP to NOK 0.0783 NOK to GBP
GBP GBP PLN PLN 5.3211 GBP to PLN 0.1879 PLN to GBP
GBP GBP RON RON 5.6315 GBP to RON 0.1776 RON to GBP
GBP GBP RUB RUB 94.803 GBP to RUB 0.0105 RUB to GBP
GBP GBP SKK SKK 0 GBP to SKK 0 SKK to GBP
GBP GBP SEK SEK 12.7671 GBP to SEK 0.0783 SEK to GBP
GBP GBP CHF CHF 1.135 GBP to CHF 0.881 CHF to GBP
GBP GBP TRY TRY 23.5673 GBP to TRY 0.0424 TRY to GBP
GBP GBP UAH UAH 45.4568 GBP to UAH 0.022 UAH to GBP
Updated: 2023-03-29
Convert from Convert to 1 GBP Conversion in currency Conversion
GBP GBP ARS ARS 256.1888 GBP to ARS 0.0039 ARS to GBP
GBP GBP BOB BOB 8.5054 GBP to BOB 0.1176 BOB to GBP
GBP GBP BRL BRL 6.3676 GBP to BRL 0.157 BRL to GBP
GBP GBP CAD CAD 1.6767 GBP to CAD 0.5964 CAD to GBP
GBP GBP KYD KYD 1.0257 GBP to KYD 0.9749 KYD to GBP
GBP GBP CLP CLP 984.715 GBP to CLP 0.001 CLP to GBP
GBP GBP COP COP 5750.6887 GBP to COP 0.0002 COP to GBP
GBP GBP CRC CRC 667.6929 GBP to CRC 0.0015 CRC to GBP
GBP GBP DOP DOP 67.5313 GBP to DOP 0.0148 DOP to GBP
GBP GBP SVC SVC 10.7702 GBP to SVC 0.0928 SVC to GBP
GBP GBP FJD FJD 2.7472 GBP to FJD 0.364 FJD to GBP
GBP GBP HNL HNL 30.3595 GBP to HNL 0.0329 HNL to GBP
GBP GBP JMD JMD 185.7284 GBP to JMD 0.0054 JMD to GBP
GBP GBP MXN MXN 22.4665 GBP to MXN 0.0445 MXN to GBP
GBP GBP ANG ANG 2.2182 GBP to ANG 0.4508 ANG to GBP
GBP GBP PYG PYG 8841.1657 GBP to PYG 0.0001 PYG to GBP
GBP GBP PEN PEN 4.643 GBP to PEN 0.2154 PEN to GBP
GBP GBP TTD TTD 8.3545 GBP to TTD 0.1197 TTD to GBP
GBP GBP USD USD 1.2327 GBP to USD 0.8113 USD to GBP
GBP GBP UYU UYU 47.947 GBP to UYU 0.0209 UYU to GBP
GBP GBP VEF VEF 2999575.2176 GBP to VEF 0 VEF to GBP
Updated: 2023-03-29
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GBP GBP AUD AUD 1.8405 GBP to AUD 0.5433 AUD to GBP
GBP GBP BDT BDT 132.5564 GBP to BDT 0.0075 BDT to GBP
GBP GBP BND BND 1.6354 GBP to BND 0.6115 BND to GBP
GBP GBP CNY CNY 8.4901 GBP to CNY 0.1178 CNY to GBP
GBP GBP INR INR 101.3754 GBP to INR 0.0099 INR to GBP
GBP GBP IDR IDR 18610.5665 GBP to IDR 0.0001 IDR to GBP
GBP GBP JPY JPY 162.3019 GBP to JPY 0.0062 JPY to GBP
GBP GBP MYR MYR 5.4247 GBP to MYR 0.1843 MYR to GBP
GBP GBP MVR MVR 19.0078 GBP to MVR 0.0526 MVR to GBP
GBP GBP NPR NPR 161.9116 GBP to NPR 0.0062 NPR to GBP
GBP GBP NZD NZD 1.969 GBP to NZD 0.5079 NZD to GBP
GBP GBP PKR PKR 349.0363 GBP to PKR 0.0029 PKR to GBP
GBP GBP PGK PGK 4.3375 GBP to PGK 0.2305 PGK to GBP
GBP GBP PHP PHP 67.0902 GBP to PHP 0.0149 PHP to GBP
GBP GBP SCR SCR 17.2888 GBP to SCR 0.0578 SCR to GBP
GBP GBP SGD SGD 1.638 GBP to SGD 0.6105 SGD to GBP
GBP GBP KRW KRW 1602.7136 GBP to KRW 0.0006 KRW to GBP
GBP GBP LKR LKR 400.0528 GBP to LKR 0.0025 LKR to GBP
GBP GBP TWD TWD 37.5373 GBP to TWD 0.0266 TWD to GBP
GBP GBP THB THB 42.3071 GBP to THB 0.0236 THB to GBP
Updated: 2023-03-29
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GBP GBP BHD BHD 0.4647 GBP to BHD 2.1519 BHD to GBP
GBP GBP EGP EGP 38.0868 GBP to EGP 0.0263 EGP to GBP
GBP GBP HKD HKD 9.6755 GBP to HKD 0.1034 HKD to GBP
GBP GBP ILS ILS 4.3686 GBP to ILS 0.2289 ILS to GBP
GBP GBP JOD JOD 0.8744 GBP to JOD 1.1436 JOD to GBP
GBP GBP KWD KWD 0.3776 GBP to KWD 2.648 KWD to GBP
GBP GBP LBP LBP 18475.1798 GBP to LBP 0.0001 LBP to GBP
GBP GBP OMR OMR 0.4746 GBP to OMR 2.1069 OMR to GBP
GBP GBP QAR QAR 4.4881 GBP to QAR 0.2228 QAR to GBP
GBP GBP SAR SAR 4.6292 GBP to SAR 0.216 SAR to GBP
GBP GBP AED AED 4.5273 GBP to AED 0.2209 AED to GBP
GBP GBP YER YER 308.5941 GBP to YER 0.0032 YER to GBP
Updated: 2023-03-29
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GBP GBP DZD DZD 167.294 GBP to DZD 0.006 DZD to GBP
GBP GBP KES KES 161.2434 GBP to KES 0.0062 KES to GBP
GBP GBP MUR MUR 56.7023 GBP to MUR 0.0176 MUR to GBP
GBP GBP MAD MAD 12.6089 GBP to MAD 0.0793 MAD to GBP
GBP GBP NAD NAD 22.4402 GBP to NAD 0.0446 NAD to GBP
GBP GBP NIO NIO 45.0131 GBP to NIO 0.0222 NIO to GBP
GBP GBP NGN NGN 567.4507 GBP to NGN 0.0018 NGN to GBP
GBP GBP SLL SLL 24344.8757 GBP to SLL 0 SLL to GBP
GBP GBP ZAR ZAR 22.4244 GBP to ZAR 0.0446 ZAR to GBP
GBP GBP TZS TZS 2874.5507 GBP to TZS 0.0003 TZS to GBP
GBP GBP TND TND 3.8434 GBP to TND 0.2602 TND to GBP
GBP GBP UGX UGX 4645.7208 GBP to UGX 0.0002 UGX to GBP
GBP GBP XOF XOF 746.0522 GBP to XOF 0.0013 XOF to GBP
GBP GBP ZMK ZMK 11095.3177 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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