The Saint Helena Pound (SHP) is the official currency of the British Overseas Territory of Saint Helena, Ascension, and Tristan da Cunha.
The currency is pegged to the British Pound Sterling (GBP) at a one-to-one exchange rate, meaning one Saint Helena Pound is equal to one British Pound.
The Saint Helena Pound is issued and managed by the Saint Helena Government and the Bank of Saint Helena.
Subdivisions and Denominations
The Saint Helena Pound is subdivided into 100 smaller units called pence.
Coins are issued in denominations of 1, 2, 5, 10, 20, and 50 pence, as well as 1 and 2 pounds.
Banknotes are available in denominations of 5, 10, and 20 pounds.
Exchange Rate
As the Saint Helena Pound is pegged to the British Pound Sterling, its value remains equal to that of the British Pound.
This means that the value of the Saint Helena Pound against other currencies is determined by the value of the British Pound.
Factors that can affect the value of the British Pound include inflation, interest rates, economic growth, and geopolitical events.
Economy
The economy of Saint Helena, Ascension, and Tristan da Cunha is small and relatively isolated, with a limited range of industries and economic activities.
The main sectors include public administration, tourism, agriculture, and fishing.
The British government provides financial aid to support the territory’s budget, as the local economy is not self-sufficient. In recent years, there have been efforts to develop the tourism sector, including the opening of an airport on Saint Helena.
Challenges and Prospects
The territory faces numerous economic challenges, including its remote location, limited infrastructure, and small population.
The lack of economic diversification and reliance on financial support from the British government also present challenges for long-term sustainability.
To improve its economic prospects, the territory must continue to invest in infrastructure, develop its tourism sector, and explore opportunities for sustainable development in areas such as fisheries, agriculture, and renewable energy.
Summary
In summary, the Saint Helena Pound is the official currency of the British Overseas Territory of Saint Helena, Ascension, and Tristan da Cunha, pegged to the British Pound Sterling at a one-to-one exchange rate.
The currency is subdivided into pence and is available in various denominations for both coins and banknotes.
The economy of the territory is small and relatively isolated, with a limited range of industries and economic activities.
The territory faces challenges related to its remote location, limited infrastructure, and reliance on financial support from the British government, but efforts to develop the tourism sector and invest in sustainable development may improve its economic prospects.