Without standardization, there is not just one or more of the most serious areas of activity - clear orderliness helps to avoid serious problems. Naturally, there are standards for each currency of the world - both regional (the appearance of the notes, the protection system) and international ones.To the international standards of currency are currency codes.

In general, the development and production of international standards in most areas of human activity isInternational Organization for Standardization  - ISO (International Organization for Standardization). The list of international standards is extensive - from the paper format to the transliteration of characters from different alphabets into the Latin alphabet. One of the international standards developed by ISO is the currency codes.

Why do we need currency codes?They help to represent currencies in data processing in financial systems. Using abbreviated currency codes allows you to simplify and speed up financial transactions. A banal household example: currency rates in banks are also written in abbreviated form. So even if you are abroad, you can understand the exchange rate in any bank - international codes of currencies are universal and do not need translation.

In addition, there is no confusion and need for clarification in cases where in different countries use the same currency name  (say, American and Canadian dollar, Russian and Belarusian ruble).

Currency codes are definedthe international standard ISO 4217  (Interstate currency classifier MK). This standard, in turn, is based on the ISO 3166-1 alpha-2 state code standard, the two-letter codes for states and dependent territories. Two-letter codes are used not only to indicate the national currency but also, for example, in domain names of the first level (.ru. Ua. Cz, etc.).

In order toa two-letter country codes to currency codes form. to them add one letter of the name of the currency. Usually this is the first letter, for example:

  • USD - US (United States) + Dollar;
  • UAH - UA (Ukraine) + Hrivna;
  • LTL – LT (Latvia) Lat.

Of course, there are exceptions to the "rule of the first letter". Thus, the Azerbaijani manat is reduced to AZN (and not AZM, as one might think), Angolan kwanza - to AOA, etc.But the two exceptions that we face most often are the euro and the Russian ruble. The code for the euro is EUR, and in countries where the euro is used as the official currency, naturally, there is no specific national currency code.

And the Russian ruble used to shrink on the general principle - RUR (Russian Ruble). But in 1998, there was a denomination in Russia (a change in the face value of the ruble). The denomination allows you to deal with the effects of hyperinflation and simplify calculations. Old rubles were replaced by new ones with a coefficient of 1000: 1 (1,000 old rubles corresponded to 1 new one).Currency code was changed from RUR to RUB  - obviously, to distinguish between "old" rubles and "new". So, the generally accepted reduction in the current ruble is RUB.

Letter codes of currencies that start with the letter X. have interethnic currencies, as well as other assets (for example, precious metals - silver, gold, platinum, palladium). For non-currency transactions use the code XXX. In addition to alphabetic, there aredigital currency codes. They also consist of three characters and are governed by the ISO 4217 standard.

At the moment, the official list of ISO 4217 currency codes has 280 positions and includes alphabetic and digital currency codes of different countries, interethnic currencies and other assets. Based on the ISO 4217 standard, aRCC — Russian classification of currencies .