sterling area

noun

1. 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 Also calledsterling blocscheduled territories

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

We were part of the sterling area, but had no say in the shaping of the monetary policy by which we were bound.

From Time

"A sterling area is not just in the best interests of Scotland but in the best interests of the rest of the UK," he added, emphasizing their strong trading relationship.

From Reuters

And Scotland's export strength, including North Sea oil - underlined by new export figures - would be to the huge benefit of the sterling area, including Wales.

From BBC

In a detailed critique of Salmond's proposals to create a new sterling area, the Treasury said on Tuesday it had significant doubts about whether a currency pact would be in the UK's interests.

From The Guardian