The currency of the United Kingdom is the British Pound Sterling, commonly known as the pound (£) or GBP (Great British Pound). It has been the official currency for centuries and is subdivided into 100 smaller units called pence (pence is the plural of penny). The Bank of England is the UK's central bank, issuing banknotes of various denominations and regulating currency issuance. The pound is one of the world's oldest currencies still in continuous use and is highly traded internationally.