What is ISO 4217 certification for currency codes?

ISO 4217 is referred to as the International Standard for currency codes with its most recent edition, ISO 4217:2015. The purpose of ISO 4217:2015 is to establish codes internationally recognized for the representation of different currencies. Currencies can be represented in the code in two ways:

  • A three-letter alphabetic code
  • A three-digit numeric code.

On one hand, the alphabetic code is based on another ISO standard, ISO 3166, which lists the codes for the country names. The first two letters of the ISO 4217 three-letter code corresponds to the country name, and where it is possible the third letter corresponds to the first letter of the currency name. Say, we take an example of the American Dollar, it is written as USD in which US stands for The United States whereas the D stands for a dollar. The three-digit numeric code, on the other hand, is used when the currency codes are required to be understood in the countries where Latin scripts are not used and are for computerized systems. Where it is possible that the three digits numeric code is the same as the numeric country code. For the currencies having minor units, ISO 4217:2015 also shows the relationship between the minor unit and thus the currency itself.

WIKIPEDIA talks about:

“Currency code” as it redirects here and it is not to be confused with.

ISO 4217 is thus  a standard which is published by International Organization for Standardization, which delineates the currency designators, country codes (alpha and numeric), and also references to the minor units in three tables:

  • Table A.1 – Current currency & the fund’s code list
  • Table A.2 – The Current fund’s codes
  • Table A.3 – A List of codes for the historic denominations of the currencies & funds

The tables, history and the ongoing discussion are thus maintained by SIX Interbank Clearing on the behalf of ISO and also the Swiss Association for Standardization.

However, the ISO 4217 code list is also used in banking and for business globally. In many countries, the ISO codes for the most common currencies are so well known publicly that the exchange rate was published in newspapers or were posted in banks used only in order to delineate the different currencies, instead of the translated currency names or an ambiguous currency symbols. ISO 4217 codes are also used on the airline tickets and the international train tickets in order to remove any ambiguity about the price”.

List two: Fund codes registered with the Maintenance Agency

 

 

 

Entity

CurrencyFund typeCodeMinor

unit

   AlphabeticNumeric 
BOLIVIAMvdolBOV9842
CHILEUnidad de FomentoCLF9904
COLOMBIAUnidad de Valor Real (UVR)COU9702
MEXICOMexican Unidad de Inversion (UDI)MXV9792
SWITZERLAND
(WIR Bank)
WIR FrancWIR-card for use with EFTPOS systemCHW9482
SWITZERLAND
(WIR Bank)
WIR EuroWIR-card for use with
EFTPOS system
CHE9472
UNITED STATES

 

US Dollar

 

Next dayUSN9972
URUGUAY

 

Uruguay Peso en Unidades Indexadas  (URUIURUI)

 

UYI9400

 

Definitions of the fund types listed above

BOV:    For indexation purposes and denomination of certain financial instruments (e.g. treasury bills). The Model is set daily by the Central Bank of Bolivia based on the official USD/BOB rate.

CHW:     WIR Franc – WIR Bank for use with the EFTPOS system with their own WIR-card and the Electronic Banking Services.

CHE:      WIR Euro – WIR Bank for use with the EFTPOS system with their own WIR-card and the Electronic Banking Services

CLF:       The CLF is a daily economically-financial unit calculated by the Central Bank of Chile according to inflation (as measured by the Chilean Consumer Price Index for the previous month). The value of the CLF is expressed in terms of Chilean Pesos per CLF. The use of CLF has been widely extended to all types of bank loans, financial investments (time deposits, mortgages and other public or privately indexed instruments), contracts and fees in some cases.

COU:     The UVR is a daily account unit set by the Central Bank of Colombia according to the variation in the Consumer Price Index of Colombia. The value of UVR is expressed in terms of Colombian Pesos per UVR. It is used to denominate and update mortgage loans and some public debt bonds.

MXV:      The UDI is an inflation-adjusted mechanism set by the Central Bank of Mexico according to the variation in the Mexican Consumer Price Index. The value of the UDI is expressed in terms of Mexican Pesos per UDI. It is used to denominate mortgage loans, some bank deposits with maturities of 3 months or more and Government bonds (UDIBONOS).

USN:    ”Next day“ funds are immediately available for transfer in like funds, and, subject to settlement, available the next business day for same day funds transfer or withdrawal in cash.

UYI:        The UYI (URUIURUI) is used for issuance of debt instruments by the Uruguayan government in the international global bond market.  It is calculated based on an established methodology using underlying inflationary statistics in the Uruguayan market. (Introduced in 2002).

If you want to Apply for ISO Registration, you can go with ISO Certificate Online.

Related Topic: What does ISO mean in manufacturing?

2021-01-02T12:04:57+00:00

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