0 British money: --
1 (of precious metal, especially silver) of a particular standard of purity: --
a sterling silver candlestick
2 of a very high standard: --
5 used to describe a metal, especially silver, that has a particular high level of purity (= measure of how pure it is): --
There is a precise parallel there in sterling's high value.
Against that background, it would be foolish to attempt to make any precise prediction about the timing of sterling's entry.
By any account, sterling's over-valuation will damage manufacturing.
I referred briefly earlier to sterling's temporary weakness at the beginning of the year.
There is, however, a difficult balance of advantages and disadvantages to be weighed up in considering sterling's possible relationship to the exchange rate mechanism.
The average value of the pound sterling's effective exchange rate index in that month was 90·8.
They have not endangered sterling's position in the exchange rate mechanism.
I am glad to say that since then the dollar exchange rate has improved in sterling's favour.
