A group of countries, most belonging to the British Commonwealth, that formerly pegged their exchange rates to sterling or kept their reserves in sterling rather than gold or dollars.
Definition of sterling area in US English:
sterling area
proper nounˈstərliNG ˈerēə
A group of countries, most belonging to the Commonwealth of Nations, that formerly pegged their exchange rates to sterling or kept their reserves in sterling rather than gold or dollars. Also called sterling bloc.