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ISO 4217 is basically the international standard for currency codes. The most recent edition of the standard is ISO 4217:2015.
The main aim of this standard is basically to establish internationally recognized codes for representation of currencies.The currencies arer represnted in the following to code formats
- Alphabetic Code
- Numeric Code
The alphabetic code uses a 3 letter code for currencies. In this code the first two letters are the code for the country name in accordance with ISO 3166 standard and the third letter generally reprsents the first letter of the currency name . For eg.
- The code for Indian Rupees is INR where: IN is the code for country name and R is the name of the currency i.e. Rupees.
- Similary the code for Swiss Francs is CHF where : CH is alphabet code name for Switzerland and F is for the name of the currency i.e. Francs.
The numeric code is really helpful for recognizing the currency codes in places with no latin scripts and also for computerized systems.
Whereever possible, 3 digit numeric code is the same as numeric country code for eg. India’s currrency code is 356 .