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To ask Her Majesty’s Government, further to the answer by the Prime Minister on 25 June (Official Report, Commons, col. 40), when sterling ceased to be a reserve currency.[HL1293]
To ask Her Majesty’s Government, further to the answer by the Prime Minister on 25 June (Official Report, Commons, col. 40), when sterling ceased to be a reserve currency.[HL1293]
The US dollar is currently the dominant reserve currency. The United States is able to benefit economically from having that currency status. Sterling is still held as a reserve currency. Sterling was the third most widely held reserve currency after the US dollar and the euro at the end of 2011, according to the International Monetary Fund's Currency Composition of Official Foreign Exchange Reserves database. Holdings of sterling in official foreign exchange reserves throughout the world totalled approximately $216 billion at the end of 2011.
The Library is often asked how the purchasing power of the pound has changed over various periods. This Paper provides a composite index of prices from 1750 to 2011.
The Library is often asked how the purchasing power of the pound has changed over various periods. This Paper provides a composite index of prices from 1750 to 2011.