British Petroleum rejected as inadequate a Libyan offer of compensation, and the British treasury banned Libya from participation in the sterling area.
12.
On 22 June 1972, the United Kingdom unilaterally ended its sterling area based exchange control laws, hence excluding Bermuda from its sterling area membership privileges.
13.
I suppose the failure of the sterling area, made up of many members of the former British Empire, is as good an example as any.
14.
In 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow.
15.
The sterling area effectively ended at this time when the majority of its members also chose to float freely against the pound and the dollar.
16.
On 22 June 1972, the United Kingdom unilaterally ended its sterling area based exchange control laws, hence excluding Bermuda from its sterling area membership privileges.
17.
Although the Sterling Area no longer exists and the Commonwealth is much more an informal forum, India and the UK still have many enduring links.
18.
If the sterling area disintegrates and we have no reserves, we shall not be able to maintain a force in Germany, or indeed, anywhere else.
19.
When the old pounds, shillings, and pence system was in operation, the United Kingdom and Ireland operated within the Sterling Area, effectively a single monetary area.
20.
Singapore continued operating sterling area exchange controls until as late as 1978, and Brunei did not alter its sterling area exchange controls until the year 2001.
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