British Pound Sterling (GBP) Exchange Rates on 21st February 2020 (21/02/2020)

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Exchange rates for British Pound Sterling (GBP)

Updated: 2020-02-21
Convert from Convert to 1 GBP Conversion in currency Conversion
GBP GBP 1 GBP to GBP 1 GBP to GBP
GBP BGN 2.3357 GBP to BGN 0.4281 BGN to GBP
GBP HRK 8.901 GBP to HRK 0.1123 HRK to GBP
GBP CZK 29.9197 GBP to CZK 0.0334 CZK to GBP
GBP DKK 8.9207 GBP to DKK 0.1121 DKK to GBP
GBP EEK 0 GBP to EEK 0 EEK to GBP
GBP HUF 404.2315 GBP to HUF 0.0025 HUF to GBP
GBP KZT 484.8009 GBP to KZT 0.0021 KZT to GBP
GBP LVL 0.7797 GBP to LVL 1.2825 LVL to GBP
GBP LTL 0 GBP to LTL 0 LTL to GBP
GBP MKD 73.5627 GBP to MKD 0.0136 MKD to GBP
GBP MDL 22.9396 GBP to MDL 0.0436 MDL to GBP
GBP NOK 12.0262 GBP to NOK 0.0832 NOK to GBP
GBP PLN 5.1103 GBP to PLN 0.1957 PLN to GBP
GBP RON 5.7274 GBP to RON 0.1746 RON to GBP
GBP RUB 82.7534 GBP to RUB 0.0121 RUB to GBP
GBP SKK 0 GBP to SKK 0 SKK to GBP
GBP SEK 12.657 GBP to SEK 0.079 SEK to GBP
GBP CHF 1.2676 GBP to CHF 0.7889 CHF to GBP
GBP TRY 7.8751 GBP to TRY 0.127 TRY to GBP
GBP UAH 31.5554 GBP to UAH 0.0317 UAH to GBP
Updated: 2020-02-21
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GBP ARS 79.6293 GBP to ARS 0.0126 ARS to GBP
GBP BOB 8.9166 GBP to BOB 0.1122 BOB to GBP
GBP BRL 5.6636 GBP to BRL 0.1766 BRL to GBP
GBP CAD 1.7074 GBP to CAD 0.5857 CAD to GBP
GBP KYD 1.0746 GBP to KYD 0.9306 KYD to GBP
GBP CLP 1043.3116 GBP to CLP 0.001 CLP to GBP
GBP COP 4388.2668 GBP to COP 0.0002 COP to GBP
GBP CRC 731.8001 GBP to CRC 0.0014 CRC to GBP
GBP DOP 68.8601 GBP to DOP 0.0145 DOP to GBP
GBP SVC 11.2825 GBP to SVC 0.0886 SVC to GBP
GBP FJD 2.8589 GBP to FJD 0.3498 FJD to GBP
GBP HNL 31.7708 GBP to HNL 0.0315 HNL to GBP
GBP JMD 180.9369 GBP to JMD 0.0055 JMD to GBP
GBP MXN 24.3578 GBP to MXN 0.0411 MXN to GBP
GBP ANG 2.3082 GBP to ANG 0.4332 ANG to GBP
GBP PYG 8425.0053 GBP to PYG 0.0001 PYG to GBP
GBP PEN 4.3616 GBP to PEN 0.2293 PEN to GBP
GBP TTD 8.719 GBP to TTD 0.1147 TTD to GBP
GBP USD 1.289 GBP to USD 0.7758 USD to GBP
GBP UYU 49.0834 GBP to UYU 0.0204 UYU to GBP
GBP VEF 12.8739 GBP to VEF 0.0777 VEF to GBP
Updated: 2020-02-21
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GBP AUD 1.9534 GBP to AUD 0.5119 AUD to GBP
GBP BDT 109.5329 GBP to BDT 0.0091 BDT to GBP
GBP BND 1.8052 GBP to BND 0.554 BND to GBP
GBP CNY 9.0676 GBP to CNY 0.1103 CNY to GBP
GBP INR 92.7743 GBP to INR 0.0108 INR to GBP
GBP IDR 17847.2214 GBP to IDR 0.0001 IDR to GBP
GBP JPY 144.3505 GBP to JPY 0.0069 JPY to GBP
GBP MYR 5.4093 GBP to MYR 0.1849 MYR to GBP
GBP MVR 19.8377 GBP to MVR 0.0504 MVR to GBP
GBP NPR 147.6495 GBP to NPR 0.0068 NPR to GBP
GBP NZD 2.0433 GBP to NZD 0.4894 NZD to GBP
GBP PKR 198.9529 GBP to PKR 0.005 PKR to GBP
GBP PGK 4.3962 GBP to PGK 0.2275 PGK to GBP
GBP PHP 65.4747 GBP to PHP 0.0153 PHP to GBP
GBP SCR 17.665 GBP to SCR 0.0566 SCR to GBP
GBP SGD 1.8056 GBP to SGD 0.5538 SGD to GBP
GBP KRW 1558.807 GBP to KRW 0.0006 KRW to GBP
GBP LKR 234.1975 GBP to LKR 0.0043 LKR to GBP
GBP TWD 39.1521 GBP to TWD 0.0255 TWD to GBP
GBP THB 40.797 GBP to THB 0.0245 THB to GBP
Updated: 2020-02-21
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GBP BHD 0.4859 GBP to BHD 2.0578 BHD to GBP
GBP EGP 20.0601 GBP to EGP 0.0499 EGP to GBP
GBP HKD 10.0375 GBP to HKD 0.0996 HKD to GBP
GBP ILS 4.4155 GBP to ILS 0.2265 ILS to GBP
GBP JOD 0.9139 GBP to JOD 1.0942 JOD to GBP
GBP KWD 0.3952 GBP to KWD 2.5305 KWD to GBP
GBP LBP 1949.7082 GBP to LBP 0.0005 LBP to GBP
GBP OMR 0.4963 GBP to OMR 2.015 OMR to GBP
GBP QAR 4.6932 GBP to QAR 0.2131 QAR to GBP
GBP SAR 4.8349 GBP to SAR 0.2068 SAR to GBP
GBP AED 4.7347 GBP to AED 0.2112 AED to GBP
GBP YER 322.7014 GBP to YER 0.0031 YER to GBP
Updated: 2020-02-21
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GBP DZD 155.9075 GBP to DZD 0.0064 DZD to GBP
GBP KES 130.4982 GBP to KES 0.0077 KES to GBP
GBP MUR 48.5247 GBP to MUR 0.0206 MUR to GBP
GBP MAD 12.5596 GBP to MAD 0.0796 MAD to GBP
GBP NAD 19.5546 GBP to NAD 0.0511 NAD to GBP
GBP NIO 43.4999 GBP to NIO 0.023 NIO to GBP
GBP NGN 468.5379 GBP to NGN 0.0021 NGN to GBP
GBP SLL 12519.4077 GBP to SLL 0.0001 SLL to GBP
GBP ZAR 19.4772 GBP to ZAR 0.0513 ZAR to GBP
GBP TZS 2978.7655 GBP to TZS 0.0003 TZS to GBP
GBP TND 3.7026 GBP to TND 0.2701 TND to GBP
GBP UGX 4734.9259 GBP to UGX 0.0002 UGX to GBP
GBP XOF 783.4139 GBP to XOF 0.0013 XOF to GBP
GBP ZMK 11602.5045 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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