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Sterling (ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. [3] The pound is the main unit of sterling, [4] [c] and the word pound is also used to refer to the British currency generally, [7] often qualified in international contexts as the British pound or the pound sterling. [4]
A reserve currency is a foreign currency that is held in significant quantities by central banks or other monetary authorities as part of their foreign exchange reserves. [citation needed] The reserve currency can be used in international transactions, international investments and all aspects of the global economy.
When the Labour Government enacted convertibility, there was a run on Sterling, as pounds were traded for dollars. This damaged the British economy and within weeks convertibility was abandoned. By 1949, the British pound was seen to be overvalued; it was devalued on 18 September 1949 from £1 at $4.03 to $2.80.
The transport and storage industry added a gross value of £59.2 billion to the UK economy in 2011 and the telecommunication industry added a gross value of £25.1 billion in the same year. [ 149 ] The UK has a total road network of 246,700 miles (397,025 km) with 31,400 miles (50,533 km) of major roads, including 2,300 miles (3,701 km) of ...
Nominal loss (billion) USD FX rate at period end [36] USD equivalent loss (billion) USD inflation to June 2011 [37] USD real loss (billion) 1: American International Group (AIG) Insurance Financial services United States: 2008: 4Q: 31 December 2008: $61.66 [66] 1: $61.66: 7.37%: $66.2 2: Fannie Mae: Government-sponsored enterprise Public ...
She was number one on the list when it began in 1989, [47] with a reported wealth of £5.2 billion, which included state assets that were not hers personally, [48] (approximately £16.3 billion in today's value). [41] In 2023, The Guardian estimated Charles's personal wealth at £1.8 billion (EUR 2 billion, USD 2.2 billion). [49]
The East Caribbean dollar is pegged to the dollar at a fixed rate of 2.7:1, and is used by all of the countries and territories of the OECS other than the British Virgin Islands. In Lebanon, one dollar is equal to 15000 Lebanese pounds, and is used interchangeably with local currency as de facto legal tender. [22]
[10] However, economist and journalist Evan Davis has praised Maddison's research by citing it as a "fantastic publication" and that it was "based on the detailed scholarship of the world expert on historical economic data Angus Maddison." He also added that "One shouldn't read the book in the belief the statistics are accurate to 12 decimal ...