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In 1940, an agreement with the US pegged sterling to the US dollar at a rate of £1 = US$4.03. (Only the year before, it had been US$4.86.) [84] This rate was maintained through the Second World War and became part of the Bretton Woods system which governed post-war exchange rates.
The spot exchange rate is the current exchange rate, while the forward exchange rate is an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. In the retail currency exchange market, different buying and selling rates will be quoted by money dealers.
Local, privately-issued sterling banknotes Issued under a licence of the Bank of England to four retail banks : Bank of Ireland , First Trust Bank , Danske Bank (formerly Northern Bank) and Ulster Bank .
Countries where a unit of the national currency is "pound" (dark blue) or "lira" (light blue). Pound is a name of various units of currency.It is used in some countries today and previously was used in many others.
Exchange controls were originally enacted at the outbreak of war in 1939, to prevent a run on sterling, and to prevent any potential panic outflow of capital from the UK. [2] The Defence (Finance) Regulations, issued under the Emergency Powers (Defence) Act 1939, provided for restrictions on the convertibility of sterling into foreign ...
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For amounts above 1 shilling, an exchange rate of 21 Guernsey shillings to the pound sterling was used, applying an approximation to the pre-war exchange rate of 25.2 francs = 1 pound sterling, rather than the exact rate of 25.22. This conversion increased the value of the double from 1 ⁄ 2016 to 1 ⁄ 1920 of a pound, or half of a farthing ...