Best Exchange Rates UK Give You a Profile of The British Pound

October 5th, 2012

Best exchange rates UK know the British pound inside out; we have devised a short profile of some of the important facts about the currency.

The central bank of the UK is very practically called the Bank of England. Even though the United Kingdom is a member of the European Union, back in 1999 when the euro was born, the UK decided to keep its national sovereignty and announced it would not be joining the euro but keeping the pound sterling as its foreign currency (much to the pleasure of the great British public).  The British Pound is now the world’s fourth most traded currency on the forex market. It isn’t just British people and institutions in the UK that trade in pound sterling but many institutions and individuals outside of the UK use the currency to trade goods and services.

Best exchange rates UK have found that foreign exchanging from the euro to the great British pound, is the most common form of foreign exchange where the pound is concerned. This is closely followed by the US dollar, Australian dollar, the Indian Rupee and then the Canadian dollar.

Some other useful facts and figures about the pound:

  •  The symbol for the British pound is – £ (pound) / p (pence)
  • The Central Bank Rate is 0.5
  • The Top Conversion is euro to pound
  • Inflation is currently 4.8%

The pound has the following name variations – Pound Sterling is the official name, but it is also called sterling, quid, cash and sponds. Not having enough of it is commonly referred to as being skint!

Coin variations include – £1, £2, 1p, 2p, 5p, 10p, 20p, 50p
Banknotes currently in circulation include – £5, £10, £20, £50. There is a £100 note in existence but it is rarely used, maybe by the rich and famous!

Debit and credit cards are often more commonly used in modernBritainthan actual physical money.

The Central Bank is the Bank of England.

Best exchange rates UK are not just experts in the pound but all foreign currency exchange, look out for some of our profiles on other world currencies.