What is the Falkland Pound (FKP)?
Credit Ratings & Outlook
Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
The Falkland Pound is the official currency of the Falkland Islands. A Falkland Pound equals that of a British Sterling. The Pound is subdivided into 100 pence. Both the British Sterling and the pound are in circulation on the Islands. The FKP is fixed to the GBP, so many of the Falkland Islanders view themselves as British.
Sovereign Ratings for Falkland Islands
Falkland Islands are not rated.
What does it look like?
The Falkland Islands are a territory of Britain; see the page on the Great British Pound.
Key Economic Factors
While agriculture supported the economy of the Falkland Islands for many years; today the main contributor is agriculture, namely sheep farming. Another large economic factor for the Falkland Islands is the fishing industry.
Since 1987, the British government began issuing fishing licenses to travelers operating within the Falkland’s exclusive fishing zone. The fees for the licenses total more than $40 million per year, which goes to support the island’s health, education, and welfare system. 75% of the fish taken in is squid.
The islands manage to do enough dairy farming to support domestic consumption.
The main export of the islands is high-grade wool.
The islands now are able to self-finance everything except for defense which is funded by the British government.
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- Other Currencies Accepted: The Great Britain Pound
- Currency Peg:Yes
- Black Market for Currency:No
- Currency Volatility:unknown
- Estimated GDP Per Capita:N/A
- Languages Spoken:N/A