Guernsey Pound (GGP)

The Guernsey Pound (GGP) is the official currency of Guernsey, a British Crown Dependency located in the English Channel. It is also used in the nearby islands of Alderney, Herm, and Sark.

The Guernsey Pound is issued by the States of Guernsey, which is the local government authority. It is not a separate legal tender from the British Pound Sterling (GBP), but it has its own distinct banknotes and coins. The Guernsey Pound has a 1:1 exchange rate with the British Pound, meaning that one Guernsey Pound is equivalent to one British Pound.

The Guernsey Pound is denoted by the symbol “£” and has an ISO 4217 code of GGP. The banknotes and coins issued by the States of Guernsey are legal tender on the island, and they circulate alongside British Pound Sterling in Guernsey’s economy.

Although Guernsey is not part of the United Kingdom, it is closely associated with it and follows many British financial regulations. The Guernsey Pound is widely accepted throughout the island for daily transactions, including shopping, services, and financial transactions.

Guernsey is known for its offshore financial industry and is home to many banks and financial institutions. The island’s low tax rates and favorable regulations attract businesses and individuals, contributing to the use of the Guernsey Pound in international financial transactions.

The exchange rate of the Guernsey Pound against other currencies, including the British Pound, can fluctuate depending on economic factors and market conditions. However, the Guernsey Pound is primarily used within Guernsey and its neighboring islands.

In summary, the Guernsey Pound (GGP) is the official currency of Guernsey and is used in the island’s economy. It has a 1:1 exchange rate with the British Pound Sterling and is widely accepted for daily transactions. The Guernsey Pound is issued by the States of Guernsey and has its own banknotes and coins.