After the war · From the books
The Central Bank gives up defending the pound.
By early May a dollar cost 2,000 pounds; the bank had given up on the pound after losing a third of its foreign reserves.
By early May a dollar cost 2,000 pounds; the bank had given up on the pound after losing a third of its foreign reserves.
Sources differ: Peak rate: 2,000 (Hanf, early May) or 2,200 (Picard, 1992).