DEFINITION of 'GIP'

The abbreviation for the Gibraltar pound, the official currency for the country of Gibraltar. The Gibraltar pound is pegged at par value with the British pound sterling. The government of Gibraltar issues the GIP, and mints coins in 1, 2, 5, 10, 20 and 50 pence as well as £1 and £2 denominations. It prints banknotes in 5, 10, 20 and 50 pound notes.

BREAKING DOWN 'GIP'

Gibraltar is represented in the European Union as a British overseas territory. The GIP is not recognized in the U.K. although it can be exchanged for British pound sterling notes.

The currency market, also known as the foreign exchange market, is the largest financial market in the world.

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