|sterling bloc, Also called: scheduled territories a group of countries that use sterling as a medium of international payments and sometimes informally as a currency against which to peg their own currencies. For these purposes they deposit sterling balances and hold gold and dollar reserves in the Bank of England|
formerly, a group of countries that kept most of their exchange reserves at the Bank of England and, in return, had access to the London capital and money market. After the devaluation of the pound sterling in September 1931, the United Kingdom and other countries that continued to maintain parity with sterling and to hold their reserves in London became known as the sterling bloc.
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