ISO 4217

ISO 4217 is an international standard for currency codes. It is published by the International Organization for Standardization (ISO) and is used to identify currencies in financial transactions and other applications.

The purpose of ISO 4217 is to provide a consistent and standardized way to represent currencies worldwide. The standard uses three-letter codes to identify each currency. These codes are derived from the country’s name, official language, or currency name. For example, the currency code for the United States Dollar is USD, while the Euro is represented by EUR.

In addition to the three-letter codes, ISO 4217 also assigns a three-digit numeric code to each currency. This numeric code provides an alternative way to represent currencies, especially in situations where three-letter codes cannot be used. For example, the numeric code for the United States Dollar is 840, and for the Euro, it is 978.

ISO 4217 also defines the number of decimal places used for each currency. Most currencies have two decimal places, representing cents or similar subunits. However, some currencies, like the Japanese Yen, do not have any decimal places. The standard also provides codes for these minor units. For example, the minor unit for the Japanese Yen is JPY, and for the Euro, it is EUR.

The ISO 4217 standard is widely used in various financial systems, including banking, trading platforms, and international money transfers. It ensures that currencies are consistently identified and helps prevent errors and confusion in financial transactions.

The standard is regularly updated by the ISO Currency Codes Maintenance Agency, which reviews and approves any changes or additions to the currency codes. This ensures that the standard remains up-to-date and reflects any new currencies that may be introduced or existing currencies that may undergo changes.

In summary, ISO 4217 is an international standard that provides codes for representing currencies in a standardized and consistent manner. The standard uses three-letter codes, numeric codes, and defines the number of decimal places for each currency. It is widely used in financial systems to ensure accurate and reliable currency identification.