The official currency of the United Kingdom is the pound sterling, commonly symbolized by "£" and often referred to simply as "pound." The currency is subdivided into 100 pence. The pound sterling has a rich history, dating back to the Anglo-Saxon period, and it is one of the oldest currencies still in use today. The Bank of England, established in 1694, is responsible for issuing banknotes and managing monetary policy. The pound sterling is considered one of the world's major currencies and is widely traded on foreign exchange markets, reflecting the UK's significant economic role globally.