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The currency used in the Channel Islands is Sterling. However, there are no statutory controls over the movement of currency in or out of the Channel Islands and this means that bank accounts can be opened in non-Sterling currencies. Furthermore, companies can be formed with share capital denominated otherwise than in Sterling. Exchange controls could be introduced in the Islands only with the consent of the States of the Island concerned. Historically, the monetary union between the Islands and the UK, which relieves the Islands of the task of operating a central bank, has meant that the Islands have followed the UK on matters of exchange control.
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