GBP to WST

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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WST - Samoan Tala (WST)

Samoan Tala

The Samoan Tālā is the currency unit of Samoa, symbolized by WS$ to distinguish it from other Dollar currencies. The Tālā is subdivided into 100 sene. Tālā and sene are transliterations of the English terms Dollar and cent. The Tālā was introduced in 1967, upon Samoa’s independence from New Zealand, replacing the Pound at 2 Tālā = 1 Pound.

The Samoa Tala is the currency in Samoa (WS, WSM). The symbol for WST can be written WS$. The Samoa Tala is divided into 100 sene. The exchange rate for the Samoa Tala was last updated on May 24, 2019 from Yahoo Finance. The WST conversion factor has 5 significant digits.

Economy

• The industrial sector is the largest component of the Samoan GDP (~60% GDP), followed by the services sector at (~30% of GDP). Most of the remaining ~10% of GDP is credited to agriculture.
• Samoa's economy has traditionally been dependent on agriculture and fishing locally. In modern times the development aid, private family remittances from abroad and agricultural exports have become key factors in the economy of the nation.
• The Samoan workforce is estimated at 90,000 people. Agriculture employs two-thirds of the workforce, and provides 90% of exports, with coconut cream, coconut oil, noni (Nonu fruit juice, as it is known in Samoa), and copra.

History

• The Samoa Tālā was introduced in 1967, after the country's political independence of New Zealand in 1962. It replaced the Pound at a rate of 2 Samoa Tālā = 1 Pound, then the current exchange rate for the New Zealand Dollar to the Pound.
• The value of the Samoa Tālā was unchanged against the New Zealand Dollar until 1975.
• In 1967, the Bank of Western Samoa introduced notes of 1, 2 and 10 Samoan Tālā.
• Samoan Tālā 5 notes were added in 1980 when the Monetary Board of Samoa took over paper money issuance.
• In 1984, 1 Tālā notes were replaced by coins.
• Polymer notes were also introduced in 1990.
• On August 1, 2008, the central bank issued a new series of five pieces of paper Samoa Tālā 500-100. The two highest denominations (50 and 100 Samoan Tala) are protected with a thread of De La Rue Optiks security that has a transparent window.

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