Full Form of GBP:
Great Britain Pound
GBP Full Form is Great Britain Pound. GBP is the name of the official currency of the United Kingdom. In England and Wales, GBP enjoys a monopoly related to the issuance of GBP banknotes. Along with the UK, this currency is also granted as the official currency in a number of territories that fall under the governance of Britain and in some other locations too. GBP is commonly referred to as Pound Sterling or Pound. GBP is the ISO code for Pound. The use of pounds can be traced back to the time and age of the Anglo-Saxons.
It is the oldest currency in this globe and it is still in use immensely. GBP is also the fourth most used currency in the global trade markets where foreign exchange system is accepted. 1 GBP can be subdivided into the form of 100 pence. The first decimal coins in the currency system were introduced in 1968 and the first banknote was brought into market in 1694.
Earlier it was used as a commodity money that was strongly backed by costly materials like gold or silver, but now GBP is a simple flat money. This currency is issued and monitored by the Bank of England. GBP is one of the most valued currencies that can be held as reserves. The circulation of GBP and the inflation related to it are monitored by the Bank of England through the implementation of monetary policies.