sterling area

sterling bloc

noun
those countries having currencies whose values tend to vary directly with the rise and fall of the value of the pound sterling.
Also called sterling area.
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sterling area
 
n
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

Collins English Dictionary - Complete & Unabridged 10th Edition
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Encyclopedia Britannica
Encyclopedia

sterling area

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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Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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