Sterling Bloc (Noun)
Meaning
The group of countries whose currencies are tied to the British pound sterling.
Classification
Nouns denoting groupings of people or objects.
Examples
- The sterling bloc was formed in the 1930s as a group of countries that pegged their currencies to the British pound.
- Countries in the sterling bloc were required to maintain a fixed exchange rate with the pound.
- The sterling bloc played a significant role in international trade and finance during the mid-20th century.
- Membership in the sterling bloc was seen as a way for countries to stabilize their currencies and attract foreign investment.
- The sterling bloc began to dissolve in the 1970s as countries started to adopt floating exchange rates.