ISO 4217 is the standard first published by the International Organization for Standardization in 1978, which describes currency determinants, country codes (alpha and numeric), and references to minor units in three tables:
- Table A.1 - Current currency & amp; list of funds codes
- Table A.2 - Current fund code
- Table A.3 - List of codes for currency denominations & amp; funds
The ongoing table, history and discussions are maintained by SIX Interbank Clearing on behalf of ISO and the Swiss Association for Standardization.
The list of ISO 4217 codes is used in banking and business globally. In many countries the ISO code for the more common currency is commonly known that exchange rates published in newspapers or posted in banks only use this to describe different currencies, not the name of the currency being translated or the symbols of the ambiguous currency. ISO 4217 codes are used on international airline tickets and train tickets to eliminate ambiguity about prices.
Video ISO 4217
Code generation
The first two letters of the code are two letters of the ISO 3166-1 alpha-2 state code (also used as the basis for the national top level domain on the Internet) and the third is usually the beginning of the self currency. So the Japanese currency code is JPY - JP for Japan and Y for yen. This eliminates the problems caused by the names of dollar, franc, peso and pounds used in dozens of different countries, each having significantly different values. Also, if the currency is revalued, the last letter of the currency code is changed to differentiate it from the old currency. In some cases, the third letter is the beginning for "new" in the language of that country, to distinguish it from the old currency being reassessed; the code sometimes goes beyond the use of the term "new" itself (for example, the code for Mexican peso is MXN ). However, other changes can be seen; Russian rubles, for example, are changed from RUR to RUB , where B comes from the third letter in the word "ruble".
X currency
In addition to codes for the most active national currency ISO 4217 provides codes for "supranational" currencies, procedural objectives, and some "similar to" currencies:
- The codes for gold precious metals (XAU), silver (XAG), palladium (XPD), and platinum (XPT) are formed by the elemental chemical symbol prefix with the letter "X". This "unit of currency" is denominated as a troy ounce of metal determined as opposed to "USD 1" or "EUR 1". XBT is used by some exchange for Bitcoin cryptocurrency although not ISO 4217 approved.
- The XTS code is reserved for use in testing.
- The XXX code is used to indicate "transactions" that do not involve a currency.
- There are also codes that define certain monetary instruments used in international finance, e.g. XDR is a symbol for special drawing rights issued by the International Monetary Fund.
- Code for most of the supranational currencies, such as East Caribbean dollar, CFP franc, CFA franc BEAC and CFA franc BCEAO. The predecessor to the euro, the European Currency Unit (ECU), has the XEU code.
The use of the initial letter "X" for this purpose is facilitated by the ISO 3166 rule that there is no official country code beginning with X to be assigned. Because of this rule ISO 4217 can use X code without the risk of clashing with future country code. ISO 3166 country codes beginning with "X" are used for special private use (reserved), never for official code. For example, the NATO country code based on ISO 3166 (STANAG 1059, 9th ed.) Uses the "X" code for imaginary sports nations ranging from XXB to "Brownland" to XXR for "Redland", as well as to key commands such as XXE for SHAPE or XXS for SACLANT. As a result, ISO 4217 may use "X" codes for certain non-state currencies without the risk of clashing with future state codes.
The inclusion of the EU (which denotes the EU) in the list of 3166-1 backup codes, allows the euro to be coded as EUR rather than setting the code beginning with X, even though it is a supranational currency.
Maintenance of the small currency unit ("exponent")
The ISO 4217 standard includes a crude mechanism for expressing the relationship between the major currency units and the corresponding minor currency units. This mechanism is called the "exponential" currency and assumes the base 10. For example, USD (United States dollar) equals 100 units of its small currency "cents". So USD has exponent 2 (10 power 2 is 100, which is the number of cents in a dollar). The JPY code (Japanese yen) is given an exponent of 0, since its minor unit, cents, even though its par value is 1/100 yen, is a negligible value that is no longer used. Usually, like USD, the minor currency unit has a value of 1/100 of the main unit, but in some cases (including most of the dinar varieties) 1/1000 is used, and sometimes the ratio applies which is not integer power 10. Mauritania does not using the division of decimal units, setting 1 ouguiya (UM) is equal to 5 khoums, and Madagascar has 1 ariary = 5 iraimbilanja. Some currencies do not have a small currency unit at all and this is given exponent 0, as with currencies whose minor units are not used because of negligible value.
Currency numbers
There is also a three-digit code number assigned to each currency, in the same way as there is a three digit code number assigned to each country as part of ISO 3166. This numeric code is typically the same as ISO 3166-1 numeric code. For example, USD (United States dollar) has code 840 which is also a numeric code for US (United States).
Maps ISO 4217
ISO 4217 code position in the number
The ISO standard does not set either distance, prefix or suffix in the use of currency code. However, according to the EU Publication Office, in English, Irish, Latvian and Malian, the ISO 4217 code must be followed by difficult spaces and numbers:
- of EUR 30
In Bulgaria, Croatia, Czech, Danish, Dutch, Estonian, Finnish, French, German, Greek, Hungarian, Italian, Lithuanian, Polish, Portuguese, Romanian, Slovak, Slovenian, Spanish, and Swedish, the order is reversed; the number followed by difficult space and the ISO 4217 code:
- une somme de 30Ã, EUR
Note that, as illustrated, the order is determined not by currency, but by the original language of the document context.
History
In 1973, the ISO 68 Technical Committee decided to develop code for currency representation and funds for use in trading, commerce or banking applications. At the 17th session (February 1978), the relevant United/ECE Expert Group agreed that a three-letter alphabetical code for International Standard ISO 4217, "Code for currency and fund representation", would be suitable for use in international trade..
Over time, the new currency is created and the old currency is not resumed. Often, these changes are caused by the formation of a new government, an agreement between standardized countries on a common currency, or the revaluation of an existing currency due to excessive inflation. As a result, the code list should be updated from time to time. The maintenance agency ISO 4217 (MA), SIX Interbank Clearing, is responsible for maintaining the code list.
Active code
The following is a list of active code names of the official ISO 4217 currency. In standard, the values ​​are called "alphabetic code", "numeric code", and "minor unit".
USD/USS/USN, three currency codes of the United States
The US dollar has two designated codes: USD and USN (next day). The USS code (same day) is deprecated, and has been removed from the ISO 4217 active code list in March 2014.
According to UN/CEFACT 9 recommendations, paragraphs 8-9 ECE/TRADE/203, 1996, available online:
- 8. In applications where monetary resources associated with the currency (ie funds) need not be specified and where field identifiers indicate the currency is used, the first two characters (far left) are sufficient to identify the currency - example: US for United States dollars to the public, an unspecified purpose in which field identifiers show the currency exists. (Field identifiers may be field titles printed on a synchronized document or similarly agreed application in electronic data transmission.)
- 9. In applications where there is a need to differentiate between different types of currencies, or where funds are required as in a banking environment, or where there is no field identifier, the third (rightmost) character of the alphabet code is an indicator, preferably mnemonic, derived from the name of the major currency unit or fund - for example: USD for public, unspecified purposes; USN for next United States dollar fund, and USS for immediately available funds for Federal Reserve transfers, cash withdrawals or transfers in such funds (same day fund). As there is no need for differences in international trade applications, the fund codes have not been included in the Appendix to this Recommendation.
Code of the future
The following is a list of future codes of the official ISO 4217 currency name. In standard, the values ​​are called "alphabetic code", "numeric code", and "minor unit".
Currency Non ISO 4217
Currency no currency code ISO 4217
A number of currencies are not included in ISO 4217, as these currencies are: (a) small currency pegged 1: 1 to a larger currency, even if independently regulated (b) legal tender only issued as banknotes or warning coins, or (c) the currency of a country that is not recognized or recognized in part. This currency includes:
- Alderney pound (1: 1 pegged to pound sterling)
- Cook Islands Dollar (1: 1 pegged to New Zealand dollar)
- Faroese krÃÆ'³na (1: 1 pegged to Danish krone)
- Guernsey pounds (1: 1 pegged to pound sterling)
- Isle of Man pounds (1: 1 pegged to pound sterling)
- Jersey pounds (1: 1 pegged to pound sterling)
- Kiribati dollar (1: 1 pegged to Australian dollars)
- Maltese scudo (1: 0.24 pegged to euro)
- Sahrawi peseta from the Sahrawi Arab Democratic Republic in Western Sahara, sometimes codenamed "EHP" but this has not been established by the ISO
- Somaliland shilling (state problem is seen as de jure part of Somalia, exchange rate is not fixed)
- The Transnistrian ruble (status issue seen as de jure part of Moldova)
- Tuvaluan dollar (1: 1 pegged to Australian dollars)
View Category: Fixed exchange rate for a list of all currently pegged currencies.
Unofficial currency code
Although it does not have official recognition in ISO 4217, the following non-ISO codes are sometimes used locally or commercially.
In addition, GBX is sometimes used (eg on the London Stock Exchange) to show Penny sterling, part of pound sterling, currency for England.
Cryptocurrency
Recently, cryptocurrency has an unofficial ISO code used on various cryptocurrency exchanges, such as LTC for Litecoin, NMC for Namecoin and XRP for Ripple. SIX Interbank Clearing (A Maintenance Agency of ISO) is currently studying the impact and role of cryptocurrency and other independent currencies on ISO 4217. A proposal to formalize the registry of the code without any crash problem or the need for involvement of SIX exists as a draft of IETF standards.
Historical currency code
A number of currencies are the official ISO 4217 currency code and the name of the currency until their replacement by the euro or other currencies. The table below shows the ISO currency code of the previous currency and their common name (which does not always match the ISO 4217 name). These codes were first introduced in 1989 after demand from the reinsurance sector in 1988 was accepted.
See also
- List of circulating currencies
- Currency
- Table of historical rates
- List of international trade topics
- SWIFT code
References
External links
- A list of the official alphanumeric and numerical codes of ISO 4217
- ISO 4217 Maintenance Agency
- A list of ISO 4217 code alphabets that contain the history of ISO 4217 (PDF file)
- Another list of currency codes of ISO 4217 numeric and alphabet
- Position the ISO code or euro sign in amount
Source of the article : Wikipedia
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