ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The pound sterling, or GBP, is the official currency of the United Kingdom. The pound is also used in Jersey, Guernsey, Gibraltar, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. The GBP is subdivided into 100 pence.

Detailed explanation-2: -The GBP Definition states that GBP is the short form of the British pound sterling. It is the official currency of the United Kingdom. Why is it called GBP? The name of the British pound was derived from the Latin word “poundus” whose meaning is weight.