In this article, We learn about "Gibraltar Pound (GIP)".Let's Go!
The Gibraltar Pound (GIP) is the official currency of the British Overseas Territory of Gibraltar, located at the southern tip of the Iberian Peninsula.
The Gibraltar Pound is pegged to British Pound Sterling (GBP) parity, meaning 1 Gibraltar Pound equals 1 British Pound Sterling.
The Government of Gibraltar issues the Gibraltar Pound, which is managed by the Gibraltar Financial Services Commission.
Exchange rate system
Since the Gibraltar Pound is pegged to the British Pound, its value is directly linked to the value of the British Pound.
The exchange rates between Gibraltar Pound and other currencies are based on the exchange rates between British Pound Sterling and these currencies.
Segments and Denominations
The
Gibraltar pound is subdivided into 100 smaller units called pence, just like the pound sterling.
Coins are available in denominations of 1, 2, 5, 10, 20 and 50p, as well as 1 and 2 pound coins.
Notes are available in £5, £10, £20 and £50 denominations.
Economic and Currency Accepted
Gibraltar's economy is primarily based on tourism, financial services and shipping.
The British Pound is widely accepted in Gibraltar and the Gibraltar Pound is also accepted in some establishments in the UK, particularly in areas around Gibraltar.
However, the Gibraltar Pound is not legal tender in the UK and therefore acceptance is not guaranteed.
Summary
In summary, the Gibraltar pound is the official currency of Gibraltar and is pegged to the pound sterling at face value.
Currency is governed by the Gibraltar Financial Services Commission and is subdivided into pennies, available in a variety of banknote and coin denominations.
Gibraltar's economy is primarily based on tourism, financial services, and shipping, and while the British Pound is widely accepted in Gibraltar, the Gibraltar Pound may be accepted at some establishments in the United Kingdom, particularly in areas near Gibraltar.
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