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Home >> Europe Hotels >> United Kingdom >>Currency of United Kingdom
Currency of United Kingdom |
The currency of the United Kingdom is the pound sterling. It is represented by the symbol £. The Bank of England is responsible for issuing pound sterling. Gibraltar pound, Falkland Islands pound and Saint Helenian pound are pegged to pound sterling. One pound is equivalent to 100 pence.
The pound sterling is available in coins and bank notes. All modern coins feature profile of the current monarch's head. The common coins in current circulation include bimetallic £2, £1 made up of copper- plated steel, Cupro- Nickel 50p, 20p, 10p, 5p, 2p and 1p.
Sterling banknotes are the banknotes of United Kingdom. The majority of sterling notes are printed by Bank of England. The denominations are 1 pound, 2 pound, 5 pound, 10 pound, 20 pound and 50 pound.
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The third largest portion of the global currency reserves after dollar and euro is pound sterling. In the foreign exchange market the pound sterling is the fourth most traded currency. The pound is freely bought and sold on the foreign exchange. Pound sterling has been among the highest valued of all base currency units in the world. Based on market exchange rates United Kingdom is the fifth largest economy in the world. It is also the second largest economy in Europe after united-kingdom. According to current currency exchange rates 1 pound is equivalent to 1.97 dollars and 1.33 euros. Currency conversion can be done at several places like in banks, five star hotels and money changers. A nominal fee is charged at the bank during currency exchange.
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United Kingdom has a healthy capital market. This type of market protects investors. Sound economic policies and financial stability are supported by the UK government. Foreign investors are attracted by such policies. They feel safe to venture into new projects. The financial stature of UK supports job creation and innovation. The service sectors in UK are dominated by financial services specially banking and insurance.
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The largest financial center of the world is situated in UK. Most of the world's famous banks like HSBC and Barclays relocated their head office to London. Tourism is very important to British economy. The chemical and pharmaceutical industry is strong in UK.
To know more about United Kingdom, Browse through World Hotels Guide Online.
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