British Pound Sterling

London Forex Open POUND STERLING CURRENCY MAJORS KEYFACTS ANDFIGURES THE BRITISHPOUND The Great British Pound Sterling is the official currency of the United Kingdom. The term 'Pound' originates from Anglo Saxon times when coins called Sterlings were made from silver. 240 of these equalled one troy pound in weight of silver. It is also the official currency of the Crown dependencies of Guernsey and Jersey, Isle of Man, Gibraltar, Falkland Islands, Saint Helena and the Åscension Islands. FOREIGNEXCHANGETRADING VOLUME The Pound Sterling is the forth most traded currency on Forex behind the United States DĎollar, Euro and Japanese Yen account for 12.9% of daily transactions. USD EUR YEN GBP CHF AUD CAD HKD SEK NZD Sterling is used as a reserve currency around the world and is currently ranked third in terms of reserves held which amount to 3.9% OTR ISO4217 CODE- GBP 10 20 30 40 50 60 70 80 90 BANK OF ENGLAND The Bank Of England (BOE) is responsible for the UK monetary policy and ultimately the valuation of the Pound Sterling. It is made up of a nine member committee with a mandate to implement effective policy independent of government. BANK The BOE aims to keep inflation in check. It primarily uses interest rates to manage the level of inflation in the economy. Responsibility for the manufacture and of Sterling coins and bank notes falls to a separate body known as the the 'Royal Mint. This is owned and mandated by HM Treasury. MEETINGS PER MONTH 2% TARGETINFLATIONLEVEL POPULAR BRITISHPOUND CROSSES %OF TRANSACTIONS VOLUME GBP/USD 360 9% EUR/GBP 109 3% * Other notable traded British Pound crosses include the GBPIJPY, GBP/CHF, AUD/GBP and CAD/GBP. The total volume of transactions on these pairs amounts to less than 1% of the total Forex market daily volume. London Forex Open www.londonforexopen.com References http://en.wikipedia.org/wiki/Pound_sterling http://www.bis.org/publ/rpfx10.htm