Live GBP to PHP Exchange Rate

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Today's Forex News

USD/CAD weakens below 1.3650, eyes on FOMC Minutes

USD/CAD weakens below 1.3650, eyes on FOMC MinutesFX Street2024-05-22

GBP/CAD Outlook: Slowing Inflation in Canada Opens the Door for a June Cut

Inflation in Canada dropped to a three-year low of 2.7%. The BoC have all the reasons they need to cut rates and may well cut in June.ExchangeRates2024-05-22

Canadian Dollar Retreats after Benign Inflation Data, GBP/CAD Hits 24-Month Highs

The Canadian dollar lost ground after the latest Canadian consumer prices data as market bets on a June interest rate cut increased. The Pound held firm ahead of Wednesday's UK inflation data and the Pound to Canadian dollar (GBP/CAD) exchange rate strengthened to 24-month highs at 1.7360.ExchangeRates2024-05-22

Pound Canadian Dollar Exchange Rate hits Three-Year High as Canadian Inflation Cools

At the time of writing the GBP/CAD exchange rate was trading at CAD$1.7356, up approximately 0.2% from Tuesday's opening rate. The Canadian Dollar (CAD) tumbled on Wednesday following the latest domestic inflation data.ExchangeRates2024-05-22

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The British Pound Sterling: A Journey Through History

The British Pound Sterling, often simply referred to as the pound, is the world's oldest currency still in use. Its rich history, spanning over 1,200 years, mirrors the economic, political, and social evolution of the United Kingdom.

The origins of the pound can be traced back to Anglo-Saxon England, around 775 AD. The pound was originally a unit of weight for silver and gold, and the term 'pound sterling' came from the old Norman term for a small star, or 'little star', which was used on early Norman silver pennies.

The pound as a currency unit was formally established in 928 AD during the reign of Athelstan, the first King of England, who introduced the silver penny, which was to become the fundamental unit of currency for the next 500 years. The system was based on the 'pound of sterling silver', which was divided into 20 shillings, each of 12 pennies.

The gold standard was adopted in Britain in 1816, which set the value of the pound as a specific amount of gold. This was a significant milestone in the history of the pound, as it provided a stable basis for international trade and helped to establish London as a global financial centre.

The Bank of England, established in 1694, began to issue paper money in the late 17th century. Initially, these were hand-written notes, but printed notes for £5 and upwards were introduced in 1759 due to gold shortages in the wake of the Seven Years War.

The 19th century saw significant changes in the British monetary system. The Coinage Act of 1816 set the value of the pound at 123.274 grains of gold, establishing the gold standard. The Bank Charter Act of 1844 gave the Bank of England the exclusive right to issue banknotes in England and Wales, a right it still holds today.

The outbreak of World War I led to the suspension of the gold standard in 1914, as the government needed to finance the war effort. The pound was devalued after the war, leading to economic instability and a period of high inflation.

The pound returned to the gold standard in 1925 but was forced off again in 1931 during the Great Depression. The Bretton Woods system was established in 1944, pegging the pound to the US dollar, which was convertible into gold. However, economic pressures led to the collapse of the Bretton Woods system in 1971, and the pound has been a free-floating currency since then.

Decimalisation occurred on 15th February 1971, a day known as Decimal Day. This replaced the old system of pounds, shillings, and pence with a new system dividing the pound into 100 new pence. This was a major change in the history of the pound, simplifying calculations and making transactions easier.

The late 20th and early 21st centuries have seen the pound weather numerous economic crises, including Black Wednesday in 1992 when the UK was forced to withdraw from the European Exchange Rate Mechanism, and the global financial crisis of 2008. Despite these challenges, the pound has remained a key global reserve currency.

The design of British coins and banknotes has evolved over the centuries, reflecting the country's history and culture. The current series of banknotes, introduced between 2016 and 2020, features significant British figures from history, including Winston Churchill, Jane Austen, and JMW Turner.

In conclusion, the history of the British Pound Sterling is a fascinating journey through the economic and political history of the United Kingdom. From its origins in Anglo-Saxon England to its status as a major global currency today,the pound has played a central role in shaping the UK's economic destiny. Its resilience in the face of numerous challenges is a testament to the strength and adaptability of the UK's economy. As we look to the future, the pound will undoubtedly continue to evolve, reflecting the changing economic landscape of the UK and the wider world.

The Philippine Peso: A Historical Journey

The Philippine Peso, symbolized as PHP (₱), is the official currency of the Philippines, an archipelagic country in Southeast Asia. The history of the Peso is a captivating narrative that mirrors the economic, political, and social evolution of the Philippines.

The term "Peso" was derived from the Spanish word for "weight". The Spanish introduced the Peso to the Philippines during the colonial period in the 16th century. The Spanish-Filipino Peso was a silver coin that became the country's first unified currency, replacing a diverse array of gold, silver, and copper coins used in various regions.

The Spanish-Filipino Peso remained the currency of the Philippines until the end of the Spanish colonial period in 1898. Following the Spanish-American War, the United States took control of the Philippines and introduced the Philippine Peso, pegged to the U.S. Dollar at a rate of 2:1.

During World War II, the Japanese occupation forces issued their own version of the Peso, known as the Japanese Government-Issued Philippine Peso. This fiat currency was not backed by gold or foreign reserves, leading to hyperinflation.

After the war, the newly independent Republic of the Philippines established the Central Bank of the Philippines (now Bangko Sentral ng Pilipinas) in 1949. The Central Bank issued a new Philippine Peso, backed by foreign reserves and pegged to the U.S. Dollar.

The post-war period was marked by economic growth and stability, with the Peso remaining relatively stable against the U.S. Dollar. However, the economic and political crises of the 1980s led to a sharp depreciation of the Peso.

In response to the crisis, the Philippine government implemented a series of economic reforms, including liberalizing the foreign exchange market and adopting a floating exchange rate system. These reforms, combined with debt restructuring and fiscal consolidation, helped stabilize the Peso and restore economic growth.

In the 21st century, the Philippine Peso has faced challenges from global economic volatility and domestic economic issues, including infrastructure deficits and corruption. However, the Philippines' robust economic growth and its status as a major emerging market have helped bolster the Peso.

In 2010, the Bangko Sentral ng Pilipinas introduced a new series of banknotes, known as the New Generation Currency (NGC) series. These notes feature iconic Philippine natural wonders and species, as well as prominent Filipino heroes and historical events.

In conclusion, the history of the Philippine Peso reflects the broader economic and political history of the Philippines. From its origins in the Spanish colonial period to its role in the modern Philippine economy, the Peso embodies the economic transformations that have shaped the Philippines. As the Philippines continues to evolve, the Philippine Peso will undoubtedly continue to play a crucial role in the country's economic narrative. The future of the Peso will be shaped by how effectively the Philippines navigates its economic challenges and capitalizes on its opportunities. As we look to the future, the Philippine Peso, like the Philippines itself, stands at the threshold of potential and promise.