GBP to ETB

ETB - Ethiopian Birr (Br)

Ethiopian Birr

The official currency of Ethiopia is the Ethiopian Birr (ETB). The Ethiopian Birr is subdivided into santim; 100 santim = 1 ETB. Br is the symbol used for the Birr. The Nigerian Naira is rated the most-used currency in Africa, the Birr is rated second.

The Ethiopian Birr is the currency in Ethiopia (ET, ETH). The Ethiopian Birr is also known as Birrs. The symbol for ETB can be written Br. The Ethiopian Birr is divided into 100 cents. The exchange rate for the Ethiopian Birr was last updated on May 24, 2019 from Yahoo Finance. The ETB conversion factor has 3 significant digits.

Economy

• Ethiopia’s economy is mainly based on the agricultural industry, which forms 80% of the yearly GDP.
• There are no private businesses and no patent laws apply in Ethiopia.
• Unemployment rate among youth is estimated at 70%.
• The main industries are metals, cement, textiles, food processing, and cement.
• Export products are leather, oilseeds, coffee, flowers, gold, qat, and live animals.
• Import products are motor vehicles, textiles, cereals, petroleum, food, and chemicals.

History

• During the 18th and 19th centuries the currency for Ethopia was the Maria Theresa Taler, also known as the Birr, which means silver. The Taler became the official coin in 1855, but the Indian Rupee and the Mexican Dollar were used for foreign trading.
• In 1893, the Birr was introduced as the standard unit. It was subdivided into 20 girsch.
• A new range of Ethiopian coins appeared in 1903.
• The Bank of Ethiopia was formed in 1931. At that time the Birr became equal to the mentonnyas. 1 Birr = 100 metonnyas.
• During the mid 1930s the currencies circulated were the Birr and the Talari.
• From 1936 to 1941 Italy occupied Ethopia and the Italian Lira was used.
• In 1945, the second Birr was introduced; 2 schillings = 1 birr.
• In 1976, the Birr was made the official currency.

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GBP - British Pound (£)

The British pound is the currency of the United Kingdom. It is the fourth most traded currency, behind the US dollar, the Japanese yen, and the euro. It is also the third most held reserve currency in the world. The pound is the oldest currency still in existence today.

The official currency of the United Kingdom is the British Pound (GBP), which is used in Great Britain, British Overseas Territories, the South Sandwich Islands, and the British Antarctic Territory, as well as Tristan de Cunha. The Pound is divided into 100 pence. Another name used for the Pound is Sterling. The symbol for the Pound is £.

Pound Sterling is the currency in Channel Islands (Aldernay, Guernsey, Jersey, Sark), Isle of Man, and United Kingdom (England, Great Britain, Northern Ireland, Scotland, Wales, UK, GB, GBR). Pound Sterling is also known as the British Pound, the United Kingdom Pound, UKP, STG, the English Pound, British Pound Sterling, BPS, and Sterlings. Pound Sterling is divided into 100 pence. The exchange rate for Pound Sterling was last updated on Today from The International Monetary Fund. The GBP conversion factor has 6 significant digits.

Economy

• The United Kingdom is rated as the sixth-largest economy in the world.
• The main industries range from aerospace to financial services.
• Export products are beverages, tobacco, fuels, manufactured goods, chemicals, and food.
• Import products are foodstuffs, fuels, machinery, and manufactured goods.
• Unemployment is estimated at 7.6%.

History

• It is difficult to estimate when the Pound originated; but sources indicate that the Pound was already in circulation during the Anglo-Saxon period. During the medieval period the Tealby penny was circulated and was the standard unit used until the 20th century.
• In 1552, silver coinage was introduced made of sterling silver.
• In 1663, gold coinage was introduced. The silver coinage remained and was used for importing goods; gold was used for exporting goods. This made Britain a gold standard country.
• The first paper money was issued in 1694, after the Bank of England was established.
• In 1861, the gold standard was adopted again.
• In 1914, after the outbreak of World War I, the gold standard was abandoned and treasury notes became legal tender.
• In 1940, the Pound was pegged to the US Dollar and later became part of the Bretton Woods system.
• In 1971, the Pound was changed to a free-floating currency.
• In 1976, the country had a Sterling crisis.
• In 1988, the UK Treasury instituted a policy whereby movements of the British Pound "shadowed" those of the German Mark.
• In 1990, the UK became part of the European Exchange rate mechanism, but withdrew in 1992.
• The UK had the option to adopt the Euro in 1999, but declined.

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