Question
Download Solution PDFWhat is the official currency of the United Kingdom?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Pound Sterling
Key Points
- The official currency of the United Kingdom is Pound Sterling.
- Pound Sterling is abbreviated as GBP (Great British Pound) and is symbolized by £.
- It is one of the oldest currencies in continuous use and is widely traded in the foreign exchange market.
- The Bank of England is responsible for issuing and regulating Pound Sterling.
- Pound Sterling is subdivided into 100 pence.
Additional Information
- The United Kingdom has chosen to retain its own currency and not adopt the Euro, which is used by many other European Union countries.
- The decision to keep the Pound Sterling reflects the UK's desire to maintain economic independence and control over its monetary policy.
- Pound Sterling banknotes feature prominent figures from British history, including Queen Elizabeth II, Winston Churchill, and Jane Austen.
- Coins in the UK vary in size, shape, and material, with denominations ranging from 1 penny to 2 pounds.
- The value of Pound Sterling can fluctuate based on economic conditions, political events, and market perceptions.
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