sterling area

British  

noun

1. Also called: sterling bloc.   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

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Example Sentences

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sterling area

“We built up the pre-war sterling area because we were bankers amiable to treat with and having a long record of honouring our cheques.”

From Economist ● Jun. 28, 2018

Because the Scottish people are concerned about joining the Euro, he now says he would join the pound sterling area.

From BBC ● Sep. 6, 2012

For one thing, Britain's trade gap has been partly cushioned by a buildup of sterling balances held in London by other sterling area countries.

From Time Magazine Archive

Topping a 500,000-ton addition under way, the expansion will raise steel output from 800,000 to 2,000,000 tons by late 1958, make the plant by far the largest integrated steel mill in the sterling area.

From Time Magazine Archive

It will enable the whole sterling area and other countries affiliated with it to resume trade on a multilateral basis.

From State of the Union Address by Harry S. Truman