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The official currency in use in Northern Ireland is the British pound sterling. The euro, in use in the Republic of Ireland, is also accepted by some retailers. Four Northern Irish banks print their own sterling-denominated banknotes: Bank of Ireland, First Trust Bank, Danske Bank, and Ulster Bank. The central bank of the UK is the Bank of England.
The issuing of banknotes in Northern Ireland is regulated by the Currency and Bank Notes Act 1928, the Coinage Act 1971, Banknotes (Ireland) Act 1864 (c. 78), Banknotes (Ireland) Act 1920 (c. 24), Bankers (Ireland) Act 1845, Bankers (Northern Ireland) Act 1928 (c. 15), among others.
The pound (Irish: punt) was the currency of Ireland until 2002. Its ISO 4217 code was IEP, and the symbol was £ (or £Ir for distinction. [1]) The Irish pound was replaced by the euro on 1 January 1999. [2] Euro currency did not begin circulation until the beginning of 2002.
Values are shown in euros in the original source. For comparison, all figures are converted into pounds sterling and US dollars according to annual average exchange rates. [ 1 ] [ n 1 ] All values are rounded to the nearest hundred.
Northern Ireland; Local, privately-issued sterling banknotes. Issued under a licence of the Bank of England to four retail banks : Bank of Ireland, First Trust Bank, Danske Bank (formerly Northern Bank) and Ulster Bank. [1] Jersey; Jersey pound (local, government-issued sterling banknotes and coins)
Main articles: Banknotes of the pound sterling and Bank of England note issues. Note: The description of banknotes given here relates to notes issued by the Bank of England. Three banks in Scotland and three banks in Northern Ireland also issue notes, in some or all of the denominations: £1, £5, £10, £20, £50, £100.
A 5 Pound note issued by the private banking firm of Gibbons & Williams in Dublin, Ireland (1833). Ireland has a history of trading its own banknotes for several centuries, both when the whole of Ireland was one legal entity, and following partition of the island into the Republic of Ireland and Northern Ireland.
As of 2017, Belfast is Northern Ireland's educational and commercial hub. [ citation needed ] As of 2007, it was in the top five fastest growing regional economies in the UK. [ 21 ] In February 2006, Belfast's unemployment rate stood at 4.2%, lower than both the Northern Ireland [ 22 ] and the UK average of 5.5%.