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British Pound Sterling (GBP) Exchange Rates on 02nd December 2022 (02/12/2022)

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Exchange rates for British Pound Sterling (GBP)

Updated: 2022-12-02
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 2.2755 GBP to BGN 0.4395 BGN to GBP
GBP GBP HRK HRK 8.7833 GBP to HRK 0.1139 HRK to GBP
GBP GBP CZK CZK 28.3765 GBP to CZK 0.0352 CZK to GBP
GBP GBP DKK DKK 8.6546 GBP to DKK 0.1155 DKK to GBP
GBP GBP EEK EEK 0 GBP to EEK 0 EEK to GBP
GBP GBP HUF HUF 479.4279 GBP to HUF 0.0021 HUF to GBP
GBP GBP KZT KZT 568.7967 GBP to KZT 0.0018 KZT to GBP
GBP GBP LVL LVL 0.7407 GBP to LVL 1.35 LVL to GBP
GBP GBP LTL LTL 0 GBP to LTL 0 LTL to GBP
GBP GBP MKD MKD 71.7211 GBP to MKD 0.0139 MKD to GBP
GBP GBP MDL MDL 23.7745 GBP to MDL 0.0421 MDL to GBP
GBP GBP NOK NOK 11.9092 GBP to NOK 0.084 NOK to GBP
GBP GBP PLN PLN 5.4568 GBP to PLN 0.1833 PLN to GBP
GBP GBP RON RON 5.7389 GBP to RON 0.1743 RON to GBP
GBP GBP RUB RUB 75.2686 GBP to RUB 0.0133 RUB to GBP
GBP GBP SKK SKK 0 GBP to SKK 0 SKK to GBP
GBP GBP SEK SEK 12.6244 GBP to SEK 0.0792 SEK to GBP
GBP GBP CHF CHF 1.1482 GBP to CHF 0.871 CHF to GBP
GBP GBP TRY TRY 22.8234 GBP to TRY 0.0438 TRY to GBP
GBP GBP UAH UAH 44.6817 GBP to UAH 0.0224 UAH to GBP
Updated: 2022-12-02
Convert from Convert to 1 GBP Conversion in currency Conversion
GBP GBP ARS ARS 205.301 GBP to ARS 0.0049 ARS to GBP
GBP GBP BOB BOB 8.4007 GBP to BOB 0.119 BOB to GBP
GBP GBP BRL BRL 6.3497 GBP to BRL 0.1575 BRL to GBP
GBP GBP CAD CAD 1.6455 GBP to CAD 0.6077 CAD to GBP
GBP GBP KYD KYD 1.0132 GBP to KYD 0.987 KYD to GBP
GBP GBP CLP CLP 1077.1489 GBP to CLP 0.0009 CLP to GBP
GBP GBP COP COP 5862.4453 GBP to COP 0.0002 COP to GBP
GBP GBP CRC CRC 725.2573 GBP to CRC 0.0014 CRC to GBP
GBP GBP DOP DOP 66.3723 GBP to DOP 0.0151 DOP to GBP
GBP GBP SVC SVC 10.6371 GBP to SVC 0.094 SVC to GBP
GBP GBP FJD FJD 2.6885 GBP to FJD 0.372 FJD to GBP
GBP GBP HNL HNL 30.0236 GBP to HNL 0.0333 HNL to GBP
GBP GBP JMD JMD 187.0172 GBP to JMD 0.0053 JMD to GBP
GBP GBP MXN MXN 23.4508 GBP to MXN 0.0426 MXN to GBP
GBP GBP ANG ANG 2.1911 GBP to ANG 0.4564 ANG to GBP
GBP GBP PYG PYG 8790.0361 GBP to PYG 0.0001 PYG to GBP
GBP GBP PEN PEN 4.6623 GBP to PEN 0.2145 PEN to GBP
GBP GBP TTD TTD 8.2384 GBP to TTD 0.1214 TTD to GBP
GBP GBP USD USD 1.2246 GBP to USD 0.8166 USD to GBP
GBP GBP UYU UYU 48.0642 GBP to UYU 0.0208 UYU to GBP
GBP GBP VEF VEF 1332711.6148 GBP to VEF 0 VEF to GBP
Updated: 2022-12-02
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GBP GBP AUD AUD 1.7975 GBP to AUD 0.5563 AUD to GBP
GBP GBP BDT BDT 124.7365 GBP to BDT 0.008 BDT to GBP
GBP GBP BND BND 1.6512 GBP to BND 0.6056 BND to GBP
GBP GBP CNY CNY 8.6375 GBP to CNY 0.1158 CNY to GBP
GBP GBP INR INR 99.4231 GBP to INR 0.0101 INR to GBP
GBP GBP IDR IDR 18903.4177 GBP to IDR 0.0001 IDR to GBP
GBP GBP JPY JPY 165.5116 GBP to JPY 0.006 JPY to GBP
GBP GBP MYR MYR 5.3839 GBP to MYR 0.1857 MYR to GBP
GBP GBP MVR MVR 18.7501 GBP to MVR 0.0533 MVR to GBP
GBP GBP NPR NPR 158.0578 GBP to NPR 0.0063 NPR to GBP
GBP GBP NZD NZD 1.9194 GBP to NZD 0.521 NZD to GBP
GBP GBP PKR PKR 273.0958 GBP to PKR 0.0037 PKR to GBP
GBP GBP PGK PGK 4.2845 GBP to PGK 0.2334 PGK to GBP
GBP GBP PHP PHP 68.5512 GBP to PHP 0.0146 PHP to GBP
GBP GBP SCR SCR 16.0622 GBP to SCR 0.0623 SCR to GBP
GBP GBP SGD SGD 1.6565 GBP to SGD 0.6037 SGD to GBP
GBP GBP KRW KRW 1591.9686 GBP to KRW 0.0006 KRW to GBP
GBP GBP LKR LKR 448.0094 GBP to LKR 0.0022 LKR to GBP
GBP GBP TWD TWD 37.4135 GBP to TWD 0.0267 TWD to GBP
GBP GBP THB THB 42.5828 GBP to THB 0.0235 THB to GBP
Updated: 2022-12-02
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GBP GBP BHD BHD 0.4617 GBP to BHD 2.1658 BHD to GBP
GBP GBP EGP EGP 30.0724 GBP to EGP 0.0333 EGP to GBP
GBP GBP HKD HKD 9.5323 GBP to HKD 0.1049 HKD to GBP
GBP GBP ILS ILS 4.1544 GBP to ILS 0.2407 ILS to GBP
GBP GBP JOD JOD 0.8686 GBP to JOD 1.1513 JOD to GBP
GBP GBP KWD KWD 0.3756 GBP to KWD 2.6627 KWD to GBP
GBP GBP LBP LBP 1838.3106 GBP to LBP 0.0005 LBP to GBP
GBP GBP OMR OMR 0.4715 GBP to OMR 2.1209 OMR to GBP
GBP GBP QAR QAR 4.4587 GBP to QAR 0.2243 QAR to GBP
GBP GBP SAR SAR 4.6038 GBP to SAR 0.2172 SAR to GBP
GBP GBP AED AED 4.498 GBP to AED 0.2223 AED to GBP
GBP GBP YER YER 306.6361 GBP to YER 0.0033 YER to GBP
Updated: 2022-12-02
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GBP GBP DZD DZD 169.0576 GBP to DZD 0.0059 DZD to GBP
GBP GBP KES KES 150.1274 GBP to KES 0.0067 KES to GBP
GBP GBP MUR MUR 53.4531 GBP to MUR 0.0187 MUR to GBP
GBP GBP MAD MAD 12.9355 GBP to MAD 0.0773 MAD to GBP
GBP GBP NAD NAD 21.5284 GBP to NAD 0.0465 NAD to GBP
GBP GBP NIO NIO 44.3864 GBP to NIO 0.0225 NIO to GBP
GBP GBP NGN NGN 543.6505 GBP to NGN 0.0018 NGN to GBP
GBP GBP SLL SLL 22501.5256 GBP to SLL 0 SLL to GBP
GBP GBP ZAR ZAR 21.5064 GBP to ZAR 0.0465 ZAR to GBP
GBP GBP TZS TZS 2856.9488 GBP to TZS 0.0004 TZS to GBP
GBP GBP TND TND 3.994 GBP to TND 0.2504 TND to GBP
GBP GBP UGX UGX 4548.0972 GBP to UGX 0.0002 UGX to GBP
GBP GBP XOF XOF 764.0675 GBP to XOF 0.0013 XOF to GBP
GBP GBP ZMK ZMK 11022.6451 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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