Currency · GBP · £

Exchange rate
of the British pound (GBP)

The British pound is the official currency of the United Kingdom and the oldest currency still in circulation. Convert it at the real interbank rate, in real time, with a transparent margin from 0.40%.

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The British pound in brief

The essentials about the British pound (GBP)

The key facts about the world's oldest currency, and how to convert it at a fair rate.

ISO code GBP, symbol £

The official currency of the United Kingdom and its overseas territories, the oldest currency still in use.

Managed by the BoE

The Bank of England runs UK monetary policy with an inflation target of 2%.

4th most-traded currency

Driven by the City of London, a major financial centre. The GBP/CHF pair is closely watched in Switzerland.

Exchange from 0.40% at ibani

A sliding, transparent margin applied to the real rate, with no hidden fees.

Our experts' analysis

The British pound, currency
of the City of London.

The British pound (GBP), nicknamed "Cable" in Forex jargon — a reference to the transatlantic cable that once linked London to New York to telegraph rates — remains one of the major currencies of the foreign exchange market and the fourth most-traded in the world.

For Swiss players, expatriates or businesses with commercial ties to the United Kingdom, the GBP/CHF pair deserves particular attention : the pound is sensitive to British political announcements, the post-Brexit context and the decisions of its central bank. Following these factors helps optimise the timing of conversions and protect margins.

GBP key facts
ISO codeGBP · £
Central bankBoE
Area of useUnited Kingdom
Global rank4th most-traded currency
Monetary policy

The BoE's policy for the pound

The Bank of England (BoE), nicknamed "The Old Lady of Threadneedle Street", is the institution responsible for British monetary policy. Its main objective is price stability, with an inflation target generally set at 2%.

To steer the British economy, the BoE deploys several instruments :

The policy rate (Bank Rate)

The main lever. Faced with post-pandemic inflation and the repercussions of Brexit, the BoE raised its rate several times in 2022-2023, which historically tends to support the pound.

Asset purchase programmes (QE)

Quantitative easing was widely used during major crises to inject liquidity, generally weighing on the valuation of the pound.

The meetings of the Monetary Policy Committee (MPC) are closely followed events : the votes of its members and their communications map out the trajectory of the pound on the foreign exchange market and directly influence its purchasing power as well as the competitiveness of British exports.

History of the pound

Key dates of the British pound

1694

Creation of the Bank of England

Founded as banker to the British government to raise funds in times of war, it would give rise to the first modern banknotes.

1944

Bretton Woods Agreements

The pound loses its status as the world's main reserve currency to the US dollar, while retaining a fixed parity with it until 1971.

1992

"Black Wednesday"

Under massive speculation, the pound is forced to leave the European Monetary System (EMS) and suffers a sharp devaluation.

2016

The Brexit referendum

The vote in favour of leaving the European Union causes an immediate fall of more than 10% in the pound against the dollar and the euro, opening a long era of uncertainty.

2020

Impact of the COVID-19 pandemic

A flash plunge of the pound on the markets in the face of the health crisis; the BoE responds by cutting its rates to historic lows.

2022

Aggressive rate hikes

Faced with surging inflation and turmoil in the bond markets, the BoE delivers a series of sharp rate hikes to support the pound.

Today's rates

Our rates for the British pound (GBP)

Indicative value for 1 unit, ibani margin included. Click a pair for its details and history.

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Frequently asked questions

Frequently asked questions about the British pound (GBP)

Always compare the rate offered with the real interbank rate (mid-market). A specialised online exchange service like ibani starts from that real rate and adds only a transparent margin from 0.40%, with no hidden fees, where a bank often applies a much wider spread. Compare with our rate comparison tool.

The British pound is managed by the Bank of England (BoE), which runs the United Kingdom's monetary policy with an inflation target of 2%. The decisions of its Monetary Policy Committee (MPC) on the policy rate (Bank Rate) directly influence the value of the pound against other currencies.

The British pound moves mainly according to the decisions of the Bank of England, the UK's macroeconomic indicators (inflation, growth, employment) and the post-Brexit political climate. The status of the City of London as a financial centre and the markets' risk appetite also play a role in the GBP/CHF pair.

You can convert the British pound (GBP) into Swiss francs (CHF), euros (EUR), US dollars (USD), Canadian dollars (CAD) and Singapore dollars (SGD), as well as other currencies such as the Turkish lira, the Japanese yen, the Norwegian and Swedish kronor, the New Zealand dollar and the Hong Kong dollar.

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