The sterling, formally known as the pound sterling (symbol: £; currency code: GBP), is the official currency of the United Kingdom and nine of its associated territories. It is the world's oldest currency still in continuous use and the fourth-most-traded currency in the foreign exchange market. The pound is divided into 100 pence, and the Bank of England is the central bank responsible for issuing and regulating the currency. Sterling is widely used not only in the UK but also in territories such as Jersey, Guernsey, Gibraltar, and the Isle of Man, among others. It is known for its historical significance and stability and is a major reserve currency globally. The term "quid" is a common slang for the pound unit. Sterling exchange rates fluctuate against other major currencies like the US dollar and the euro, and the currency has significant influence in global finance.