Example collocations logo

Sterling in sentence

134 examples of Sterling in a sentence

In September 1992, on Black Wednesday, the pound sterling and the Italian lira fell out of the ERM as money markets bet against the survival of what the Conservative peer Norman Tebbit once ridiculed as the “eternal recession mechanism.”
For example, the BoE (correctly) predicted a fall in the sterling exchange rate following the Brexit vote.
Instead, they all went to London, allowing British banks to underwrite their transactions and conducting their business in sterling.
Even US importers and exporters requiring trade credits obtained them in London rather than New York and did their business in sterling rather than dollars.
In the second half of the 1920’s they held more of their reserves in dollars than sterling.
In 1931, when the UK abandoned the gold standard, sterling plummeted by 30%.
In September of that year, sterling was again devalued, as it had been 18 years before, by 30%.
A third precedent is the 1967 devaluation of sterling, again after an interval of 18 years.
Seeing the difficulty of the adjustment, they worried that sterling would collapse.
Less than a week later, an electrical fault forced the company to recall more than 140,000 vehicles, further undermining BMW’s long-standing reputation for high production standards and sterling environmental credentials.
Reintroducing national currencies today would take weeks, at a minimum, whereas Britain in 1931 could take sterling off gold while the markets were closed for the weekend.
A Londoner, as Keynes put it, could send his servant to fetch any amount of foreign currency, and he could invest his sterling wherever he wished.
The first is that the pound sterling, and the British economy generally, may yet be badly buffeted by the unpredictable repercussions of the financial crisis in Asia; whereas the single currency area may prove a fortress of calm and stability.
Thus, by permitting two clearing banks to access renminbi onshore, Chinese officials are effectively subsidizing their London and Frankfurt operations and encouraging direct sterling and euro trades.
At that point, the renminbi, the euro, and sterling will all play consequential international roles.
In the 1920’s, the world economy was reconstructed around a fixed exchange rate regime in which many countries held their reserves not in gold (as was the practice before the First World War) but in foreign exchange, especially in British pounds sterling.
Only France ignored British statements and substantially sold off its sterling holdings.
During World War II, Britain took advantage of this, and Argentina, Egypt, and India, in particular, built up huge claims on sterling, although it was an unattractive currency.
Large holders of sterling balances – Nehru’s India, Nasser’s Egypt, and Peron’s Argentina – all embarked on major nationalizations and a public sector spending spree: they built railways, dams, steel works.
The sterling balances proved to be the starting point of vast and inefficient state planning regimes that did long-term harm to growth prospects in all the countries that took this course.
The last challenge can be stated as a question that is rarely posed: Is China’s political system an obstacle to renminbi internationalization?The pound sterling and the dollar, the principal international and reserve currencies of the nineteenth and twentieth centuries respectively, were issued by democracies.
Thus, in the aftermath of the sterling and lira devaluations of the early 1990’s, with their resulting adverse trade shocks to France and Germany, the lesson that was drawn was that a single currency was needed to prevent such disparate shocks from recurring.
Supporting sterling at the required exchange rate had proved prohibitively expensive for the Bank and the British government.
Those who prefer to remain in the UK cite a loss of markets, possible loss of the pound sterling, and reduced significance on the European and world stage.
The Bank of England stood ready to convert a pound sterling into an ounce of (11/12 fine) gold on demand.
Yet pound sterling continued to be a major world currency until well after World War II.
Even as late as 1950 – more than a half-century after the US had replaced Britain as the world’s largest industrial power – 55% of foreign-exchange reserves were held in sterling, and many countries continued to peg their currencies to it.
Because in 1976, the IMF said to the cabinet, ‘You cut four billion pounds off your public expenditure or we will destroy the value of the pound sterling.’”
The geopolitical shock was World War I, which made it hard for neutral countries to transact with British banks and settle their accounts using sterling.
By the early 1920s the dollar had matched and, on some dimensions, surpassed sterling as the principal vehicle for international transactions.
Back