sterling

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Sterling

A term for the British pound. While the official name of the currency is pound sterling, "sterling" tends to be used in accounting and foreign exchange contexts while "pound," and, less formally, "quid," are used in day-to-day transactions.

sterling

the name given to the UK POUND when used in international dealings, primarily to distinguish it from other countries also using the pound as a domestic currency. Formerly, large amounts of sterling were held by members of the British Commonwealth (the so-called ‘sterling area bloc’) and others, as part of their INTERNATIONAL RESERVES.

sterling

the name given to the UK POUND in international dealings to distinguish it from other countries using the pound as the basis of their currencies. Formerly, most countries extensively involved in international trade kept large sterling balances as part of their stock of INTERNATIONAL RESERVES, but nowadays sterling is little used as a reserve asset except by a number of current and former member countries of the British Commonwealth.