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British Pound Sterling (GBP) Exchange Rates on 28th September 2023 (28/09/2023)

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Exchange rates for British Pound Sterling (GBP)

					Updated: 2023-09-28
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	GBP	1	GBP to GBP	1	GBP to GBP
GBP	BGN	2.2595	GBP to BGN	0.4426	BGN to GBP
GBP	HRK	8.5142	GBP to HRK	0.1175	HRK to GBP
GBP	CZK	28.1345	GBP to CZK	0.0355	CZK to GBP
GBP	DKK	8.6144	GBP to DKK	0.1161	DKK to GBP
GBP	EEK	0	GBP to EEK	0	EEK to GBP
GBP	HUF	453.3437	GBP to HUF	0.0022	HUF to GBP
GBP	KZT	584.0759	GBP to KZT	0.0017	KZT to GBP
GBP	LVL	0.7342	GBP to LVL	1.362	LVL to GBP
GBP	LTL	0	GBP to LTL	0	LTL to GBP
GBP	MKD	71.0906	GBP to MKD	0.0141	MKD to GBP
GBP	MDL	22.1114	GBP to MDL	0.0452	MDL to GBP
GBP	NOK	13.0521	GBP to NOK	0.0766	NOK to GBP
GBP	PLN	5.3583	GBP to PLN	0.1866	PLN to GBP
GBP	RON	5.7483	GBP to RON	0.174	RON to GBP
GBP	RUB	117.3812	GBP to RUB	0.0085	RUB to GBP
GBP	SKK	0	GBP to SKK	0	SKK to GBP
GBP	SEK	13.4179	GBP to SEK	0.0745	SEK to GBP
GBP	CHF	1.1177	GBP to CHF	0.8947	CHF to GBP
GBP	TRY	33.1898	GBP to TRY	0.0301	TRY to GBP
GBP	UAH	44.9816	GBP to UAH	0.0222	UAH to GBP

					Updated: 2023-09-28
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	ARS	424.8226	GBP to ARS	0.0024	ARS to GBP
GBP	BOB	8.4182	GBP to BOB	0.1188	BOB to GBP
GBP	BRL	6.1218	GBP to BRL	0.1634	BRL to GBP
GBP	CAD	1.6376	GBP to CAD	0.6107	CAD to GBP
GBP	KYD	1.0152	GBP to KYD	0.985	KYD to GBP
GBP	CLP	1103.4639	GBP to CLP	0.0009	CLP to GBP
GBP	COP	4981.6146	GBP to COP	0.0002	COP to GBP
GBP	CRC	655.9878	GBP to CRC	0.0015	CRC to GBP
GBP	DOP	69.0848	GBP to DOP	0.0145	DOP to GBP
GBP	SVC	10.9183	GBP to SVC	0.0916	SVC to GBP
GBP	FJD	2.8	GBP to FJD	0.3571	FJD to GBP
GBP	HNL	30.0395	GBP to HNL	0.0333	HNL to GBP
GBP	JMD	188.3574	GBP to JMD	0.0053	JMD to GBP
GBP	MXN	21.4809	GBP to MXN	0.0466	MXN to GBP
GBP	ANG	2.1956	GBP to ANG	0.4555	ANG to GBP
GBP	PYG	8879.8379	GBP to PYG	0.0001	PYG to GBP
GBP	PEN	4.6032	GBP to PEN	0.2172	PEN to GBP
GBP	TTD	8.2692	GBP to TTD	0.1209	TTD to GBP
GBP	USD	1.2138	GBP to USD	0.8239	USD to GBP
GBP	UYU	46.6554	GBP to UYU	0.0214	UYU to GBP
GBP	VEF	4122008.9037	GBP to VEF	0	VEF to GBP

					Updated: 2023-09-28
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	AUD	1.9039	GBP to AUD	0.5252	AUD to GBP
GBP	BDT	134.3347	GBP to BDT	0.0074	BDT to GBP
GBP	BND	1.67	GBP to BND	0.5988	BND to GBP
GBP	CNY	8.8705	GBP to CNY	0.1127	CNY to GBP
GBP	INR	100.9933	GBP to INR	0.0099	INR to GBP
GBP	IDR	18889.4202	GBP to IDR	0.0001	IDR to GBP
GBP	JPY	181.348	GBP to JPY	0.0055	JPY to GBP
GBP	MYR	5.7143	GBP to MYR	0.175	MYR to GBP
GBP	MVR	18.7586	GBP to MVR	0.0533	MVR to GBP
GBP	NPR	162.1916	GBP to NPR	0.0062	NPR to GBP
GBP	NZD	2.0423	GBP to NZD	0.4897	NZD to GBP
GBP	PKR	351.2863	GBP to PKR	0.0028	PKR to GBP
GBP	PGK	4.4348	GBP to PGK	0.2255	PGK to GBP
GBP	PHP	69.0603	GBP to PHP	0.0145	PHP to GBP
GBP	SCR	16.1608	GBP to SCR	0.0619	SCR to GBP
GBP	SGD	1.6648	GBP to SGD	0.6007	SGD to GBP
GBP	KRW	1644.6485	GBP to KRW	0.0006	KRW to GBP
GBP	LKR	394.5315	GBP to LKR	0.0025	LKR to GBP
GBP	TWD	39.1394	GBP to TWD	0.0255	TWD to GBP
GBP	THB	44.6545	GBP to THB	0.0224	THB to GBP

					Updated: 2023-09-28
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	BHD	0.4576	GBP to BHD	2.1855	BHD to GBP
GBP	EGP	37.5039	GBP to EGP	0.0267	EGP to GBP
GBP	HKD	9.4993	GBP to HKD	0.1053	HKD to GBP
GBP	ILS	4.6611	GBP to ILS	0.2145	ILS to GBP
GBP	JOD	0.8615	GBP to JOD	1.1607	JOD to GBP
GBP	KWD	0.3754	GBP to KWD	2.6639	KWD to GBP
GBP	LBP	18359.3169	GBP to LBP	0.0001	LBP to GBP
GBP	OMR	0.4673	GBP to OMR	2.1399	OMR to GBP
GBP	QAR	4.4193	GBP to QAR	0.2263	QAR to GBP
GBP	SAR	4.5521	GBP to SAR	0.2197	SAR to GBP
GBP	AED	4.4581	GBP to AED	0.2243	AED to GBP
GBP	YER	303.9205	GBP to YER	0.0033	YER to GBP

					Updated: 2023-09-28
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	DZD	166.9522	GBP to DZD	0.006	DZD to GBP
GBP	KES	179.5751	GBP to KES	0.0056	KES to GBP
GBP	MUR	54.0179	GBP to MUR	0.0185	MUR to GBP
GBP	MAD	12.5261	GBP to MAD	0.0798	MAD to GBP
GBP	NAD	23.2921	GBP to NAD	0.0429	NAD to GBP
GBP	NIO	44.5788	GBP to NIO	0.0224	NIO to GBP
GBP	NGN	949.8484	GBP to NGN	0.0011	NGN to GBP
GBP	SLL	23971.6828	GBP to SLL	0	SLL to GBP
GBP	ZAR	23.2892	GBP to ZAR	0.0429	ZAR to GBP
GBP	TZS	3040.4591	GBP to TZS	0.0003	TZS to GBP
GBP	TND	3.8673	GBP to TND	0.2586	TND to GBP
GBP	UGX	4574.4167	GBP to UGX	0.0002	UGX to GBP
GBP	XOF	757.163	GBP to XOF	0.0013	XOF to GBP
GBP	ZMK	10925.2683	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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