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

“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

It was argued that devaluation was inevitable anyway, and that its delay had become a "psychological" obstacle to traders in the sterling area.

From Time Magazine Archive

The sterling area has transformed a 1951 deficit of �700 million into a surplus of �150 million.

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 Truman, Harry S.