The British pound sterling, represented by the symbol GBP, is the official currency of the United Kingdom and several of its associated territories and crown dependencies. Established in its modern form following the decimalization of the pound in 1971, sterling has a history stretching back over a thousand years, making it one of the world's oldest continuously used currencies. The pound is subdivided into 100 pence and is managed by the Bank of England, which serves as the central bank and monetary authority responsible for issuing banknotes and maintaining financial stability. As one of the major reserve currencies globally, sterling plays a significant role in international trade, foreign exchange markets, and global finance, with London serving as a major financial hub. The currency's value fluctuates based on economic indicators, interest rates set by the Bank of England, geopolitical events, and broader market conditions. Sterling remains fundamental to the UK economy and serves as a medium of exchange, store of value, and unit of account for millions of transactions daily throughout the United Kingdom and internationally.