Pound exchange rate - GBP/PLN

The pound sterling is the world's oldest currency among those currently in existence. In 1158, King Henry II introduced the pound into circulation - £1 was then worth 0,37kg of silver. The convertibility of the pound into silver continued until 1816, after which it was replaced by gold. During the Great Depression in 1931, the pound's links to gold were removed.

The pound's best times were in the 19th century and early 20th century. After the Second World War, the position of the pound declined - the US dollar gained its superiority instead. In 1966, there was such a fall in the value of the pound that the British government introduced restrictions that did not allow more than £50 to be taken out of the UK.

In 1992, "Black Wednesday" took place when the Bank of England was forced to break the fixed rate of the British pound in the ERM system. Speculators, including George Soros, among others, focused on short-selling the pound, leading to an inability to maintain the rate and forcing the Bank of England to abandon its attempt to protect the currency. This event had an impact on British economic policy, later leading to the decision to stay out of the Eurozone.

The Bank of England, which acts as the UK's central bank, is a key institution for the country's financial and economic stability. It is the one that oversees the financial system and sets interest rates that affect the pound.

In addition, the Bank of England acts as the sole issuer of banknotes within England and Wales. In recent years, the bank has played an important role in managing the impact of the global financial crises and in the context of the Brexit negotiations. Its actions and decisions have a significant impact on the British economy, as well as on stability of the British pound internationally.

The pound sterling is in the top four most important currencies in the world, alongside the US dollar, the euro and the Japanese yen, in terms of its share of international foreign exchange reserves.

Despite the fluctuations in the pound's purchasing power over the centuries, its very name - "pound sterling," meaning excellent, reliable - says much about its value.