Falkland Islands Pound - FKP

Overview

The official currency for the Falkland Islands is the Falkland Islands Pound (FKP). The island forms part of the British Territory and is located in the South Atlantic. It symbol is the same as the British Pound Sterling (£), so the symbol FK£ is used to distinguish it from other Pound currencies. The FKP is pegged to the Sterling at par.

Economy

• The Falkland Islands economy relied mainly on sheep farming from the 1870s to 1980.
• 80% of the islands consists of farmlands.
• After the 1980s the economy started to diversify and the tourism, commercial fishing, and agriculture sectors expanded.
• There is no unemployment on the islands; in fact there is a labor shortage.
• Main industries are wool productions, fishing, and tourism.
• Export products are hides, meat, and squid.
• Import products are clothing, drink and food, fuel, and building materials.
• Currently the islands are a destination of choice for cruise ships and people seeking a holiday.
• There is no central bank on the islands; the Standard Chartered Bank has a branch in Stanley.

History

• In 1833, the British Pound was introduced to the Falkland Islands.
• In 1989, Falkland Islands bank notes were issued and were circulated as the new Falkland Islands Pounds.
• In 1971, the Falkland Islands Pound was divided into 100 pence.
• In 1974, specific coins were minted for the Falkland Islands.
• The Argentinian Peso circulated during the Argentinian occupation.

General Information