Gibraltar Pound
Gibraltar Pound
Currency Code
GIP
ISO 292
Symbol
GIP
Native: £
Decimal Digits
2
Rounding: 0
Countries
GI
Using this currency
Currency Units
Major Unit
Name: pound
Symbol: £
Minor Unit
Name: penny
Symbol: p
Value: 0.01
Banknotes
Frequently Used
£5£10£20£50£100
Coins
Frequently Used
1p2p5p10p20p50p£1£2£5
Plural Forms
English Plural
Gibraltar pounds
Native Plural
Gibraltar Pounds
Overview
The Gibraltar Pound is the currency of Gibraltar, a British Overseas Territory. It is pegged to the British pound at par and issued by the Government of Gibraltar. The territory has a prosperous economy based on financial services, tourism, and trade.
Economy
- Gibraltar is a member of Associated with UK, EU (special status through UK).
- Main industries include: Financial services, Tourism, Ship repairing, Tobacco.
- Imports are fuels, manufactured goods, foodstuffs.
- Major exports include (principally reexports) petroleum 51%, manufactured goods.
- GDP: $2.04 billion (2014 est.).
- GDP per capita: $61,700 (2014 est.).
- Unemployment rate: 1% (2016 est.).
- Inflation rate: 2.5% (2013 est.).
- Main trading partners: Spain, Germany, Netherlands, France, United Kingdom, Italy.
- Trade agreements: Through UK agreements, EU arrangements (post-Brexit special status).
History
- Previous currencies used: British pound (used alongside), Spanish currency (historical).
- Gibraltar pounds have been issued since 1927, initially as banknotes. The currency has maintained parity with the British pound throughout its history and serves the strategic territory at the entrance to the Mediterranean.
- 1927: First Gibraltar banknotes issued
- 1988: Gibraltar coins introduced
- 1971: Decimalization alongside UK
- 1988: EU status through UK membership
- 2020: Brexit impact on cross-border trade
- Exchange rate peg: GBP (1927-present) at 1:1 parity.
- Currently pegged to GBP at 1 GIP = 1 GBP.
General Information
- ISO 4217 Code: GIP
- Symbols: GIP/£
- Currency Subunits: 100 pence
- Central Bank: Government of Gibraltar (no central bank)
- Monetary Policy: Currency board system maintaining GBP parity. Monetary policy follows Bank of England decisions.
- Bills: £5, £10, £20, £50, £100
- Coins: 1p, 2p, 5p, 10p, 20p, 50p, £1, £2, £5
- USD Exchange Rate: Variable (follows GBP rate)
- Pegged To: GBP at 1 GIP = 1 GBP
- Capital: Gibraltar
- Population: 34,003 (2023 est.)
- Area: 6.5 km²
- Languages: English (official), Spanish, Italian, Portuguese
- Time Zones: UTC+1 (CET), UTC+2 (CEST in summer)
- Government Type: Parliamentary democracy under constitutional monarchy (British Overseas Territory)
- Head of Government: Governor (representing British Crown), Chief Minister
- Independence: British Overseas Territory
- Ethnic Groups: Gibraltarian 79%, Other British 13.2%, Spanish 2.1%, Moroccan 1.6%, Other EU 2.4%, Other 1.6%
- Religions: Roman Catholic 72.1%, Church of England 7.7%, Other Christian 3.8%, Muslim 3.6%, Jewish 2.4%, Hindu 2%, Other 1.1%, None 7.1%, Unspecified 0.1%
- Literacy Rate: 99% (2016 est.)
- Transport: Gibraltar Airport, port facilities, road network, border with Spain
- Communications: Advanced telecommunications, high internet penetration, mobile coverage
- Energy: Electricity generation and import from Spain, developing renewable projects
- Countries Using This Currency: Gibraltar
- Data Sources: Central Bank: Government of Gibraltar, Economic Data: Gibraltar Statistics Office, World Bank estimates, Trade Data: HM Customs Gibraltar, Demographic Data: Gibraltar Statistics Office, Geographic Data: Gibraltar Meteorological Office, Historical Data: Government of Gibraltar archives
- Last Updated: 2025