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British Pound Sterling (GBP) Exchange Rates on 26th July 2024 (26/07/2024)

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Exchange rates for British Pound Sterling (GBP)

					Updated: 2024-07-26
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	GBP	1	GBP to GBP	1	GBP to GBP
GBP	BGN	2.3177	GBP to BGN	0.4315	BGN to GBP
GBP	HRK	8.8865	GBP to HRK	0.1125	HRK to GBP
GBP	CZK	30.0462	GBP to CZK	0.0333	CZK to GBP
GBP	DKK	8.8421	GBP to DKK	0.1131	DKK to GBP
GBP	EEK	0	GBP to EEK	0	EEK to GBP
GBP	HUF	464.8357	GBP to HUF	0.0022	HUF to GBP
GBP	KZT	610.692	GBP to KZT	0.0016	KZT to GBP
GBP	LVL	0.7781	GBP to LVL	1.2851	LVL to GBP
GBP	LTL	0	GBP to LTL	0	LTL to GBP
GBP	MKD	73.0267	GBP to MKD	0.0137	MKD to GBP
GBP	MDL	22.8674	GBP to MDL	0.0437	MDL to GBP
GBP	NOK	14.1792	GBP to NOK	0.0705	NOK to GBP
GBP	PLN	5.0764	GBP to PLN	0.197	PLN to GBP
GBP	RON	5.8865	GBP to RON	0.1699	RON to GBP
GBP	RUB	109.3233	GBP to RUB	0.0091	RUB to GBP
GBP	SKK	0	GBP to SKK	0	SKK to GBP
GBP	SEK	13.9243	GBP to SEK	0.0718	SEK to GBP
GBP	CHF	1.1332	GBP to CHF	0.8824	CHF to GBP
GBP	TRY	42.568	GBP to TRY	0.0235	TRY to GBP
GBP	UAH	53.0089	GBP to UAH	0.0189	UAH to GBP

					Updated: 2024-07-26
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	ARS	1195.735	GBP to ARS	0.0008	ARS to GBP
GBP	BOB	8.8867	GBP to BOB	0.1125	BOB to GBP
GBP	BRL	7.2616	GBP to BRL	0.1377	BRL to GBP
GBP	CAD	1.7775	GBP to CAD	0.5626	CAD to GBP
GBP	KYD	1.0718	GBP to KYD	0.933	KYD to GBP
GBP	CLP	1218.4236	GBP to CLP	0.0008	CLP to GBP
GBP	COP	5186.2114	GBP to COP	0.0002	COP to GBP
GBP	CRC	680.0399	GBP to CRC	0.0015	CRC to GBP
GBP	DOP	76.1815	GBP to DOP	0.0131	DOP to GBP
GBP	SVC	11.2536	GBP to SVC	0.0889	SVC to GBP
GBP	FJD	2.9073	GBP to FJD	0.344	FJD to GBP
GBP	HNL	31.8468	GBP to HNL	0.0314	HNL to GBP
GBP	JMD	201.3205	GBP to JMD	0.005	JMD to GBP
GBP	MXN	23.693	GBP to MXN	0.0422	MXN to GBP
GBP	ANG	2.3179	GBP to ANG	0.4314	ANG to GBP
GBP	PYG	9754.2973	GBP to PYG	0.0001	PYG to GBP
GBP	PEN	4.8131	GBP to PEN	0.2078	PEN to GBP
GBP	TTD	8.7421	GBP to TTD	0.1144	TTD to GBP
GBP	USD	1.2864	GBP to USD	0.7773	USD to GBP
GBP	UYU	51.6866	GBP to UYU	0.0193	UYU to GBP
GBP	VEF	4659942.7344	GBP to VEF	0	VEF to GBP

					Updated: 2024-07-26
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	AUD	1.9639	GBP to AUD	0.5092	AUD to GBP
GBP	BDT	151.1261	GBP to BDT	0.0066	BDT to GBP
GBP	BND	1.7262	GBP to BND	0.5793	BND to GBP
GBP	CNY	9.3235	GBP to CNY	0.1073	CNY to GBP
GBP	INR	107.7084	GBP to INR	0.0093	INR to GBP
GBP	IDR	20964.0999	GBP to IDR	0	IDR to GBP
GBP	JPY	197.8573	GBP to JPY	0.0051	JPY to GBP
GBP	MYR	5.9979	GBP to MYR	0.1667	MYR to GBP
GBP	MVR	19.7461	GBP to MVR	0.0506	MVR to GBP
GBP	NPR	172.2443	GBP to NPR	0.0058	NPR to GBP
GBP	NZD	2.1855	GBP to NZD	0.4576	NZD to GBP
GBP	PKR	358.0593	GBP to PKR	0.0028	PKR to GBP
GBP	PGK	4.9744	GBP to PGK	0.201	PGK to GBP
GBP	PHP	75.1701	GBP to PHP	0.0133	PHP to GBP
GBP	SCR	17.0782	GBP to SCR	0.0586	SCR to GBP
GBP	SGD	1.7277	GBP to SGD	0.5788	SGD to GBP
GBP	KRW	1783.1446	GBP to KRW	0.0006	KRW to GBP
GBP	LKR	390.2191	GBP to LKR	0.0026	LKR to GBP
GBP	TWD	42.2166	GBP to TWD	0.0237	TWD to GBP
GBP	THB	46.4893	GBP to THB	0.0215	THB to GBP

					Updated: 2024-07-26
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	BHD	0.4849	GBP to BHD	2.0623	BHD to GBP
GBP	EGP	62.1791	GBP to EGP	0.0161	EGP to GBP
GBP	HKD	10.0432	GBP to HKD	0.0996	HKD to GBP
GBP	ILS	4.7184	GBP to ILS	0.2119	ILS to GBP
GBP	JOD	0.9117	GBP to JOD	1.0969	JOD to GBP
GBP	KWD	0.3934	GBP to KWD	2.5417	KWD to GBP
GBP	LBP	115173.2923	GBP to LBP	0	LBP to GBP
GBP	OMR	0.4952	GBP to OMR	2.0193	OMR to GBP
GBP	QAR	4.6914	GBP to QAR	0.2132	QAR to GBP
GBP	SAR	4.8251	GBP to SAR	0.2073	SAR to GBP
GBP	AED	4.725	GBP to AED	0.2116	AED to GBP
GBP	YER	322.0542	GBP to YER	0.0031	YER to GBP

					Updated: 2024-07-26
Convert from	Convert to	1 GBP	Conversion	in currency	Conversion
GBP	DZD	172.9279	GBP to DZD	0.0058	DZD to GBP
GBP	KES	167.1968	GBP to KES	0.006	KES to GBP
GBP	MUR	60.2557	GBP to MUR	0.0166	MUR to GBP
GBP	MAD	12.6497	GBP to MAD	0.0791	MAD to GBP
GBP	NAD	23.7747	GBP to NAD	0.0421	NAD to GBP
GBP	NIO	47.3376	GBP to NIO	0.0211	NIO to GBP
GBP	NGN	2003.0215	GBP to NGN	0.0005	NGN to GBP
GBP	SLL	26975.7092	GBP to SLL	0	SLL to GBP
GBP	ZAR	23.575	GBP to ZAR	0.0424	ZAR to GBP
GBP	TZS	3461.0882	GBP to TZS	0.0003	TZS to GBP
GBP	TND	3.9916	GBP to TND	0.2505	TND to GBP
GBP	UGX	4806.0295	GBP to UGX	0.0002	UGX to GBP
GBP	XOF	777.4474	GBP to XOF	0.0013	XOF to GBP
GBP	ZMK	11579.3612	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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