2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Currency encoding needed for brevity. It can be seen in various banking documents and specialized resources (the Internet, periodic media, information on television, etc.). There is a standard that is used all over the world and is considered universally recognized. Usually, the designation of currencies is classified in the form of a table, divided into four most important points:
- Currency in the national language of the state where a direct banking operation or exchange trading is carried out.
- Name of the same equivalent in English.
- A letter code consisting of three elements. The abbreviation for the currency is encrypted in it.
- Digital code, including three or two characters. It is used for simplification mainly in bank documentation.
In addition, when characterizing a monetary unit, additional parameters are sometimes indicated: a list of countries where it is legally recognized as a means of payment (convertibility), component (digit capacity) and other indicators. The most obvious example, in which the designation of currencies appears,serves as a quotation or exchange rate. It usually indicates the currency pair and its value at the moment.
It is worth noting that the designation of currencies greatly simplifies the work of banks and other financial institutions. In addition, we should not forget about the speed of decision-making during active trading. Gradually, such an encoding is perceived at a subconscious level, which leads to the exclusion of time-consuming memorization of the necessary data.
Very indicative in this sense is the Forex trading market, the exchange rate of which is indicated only in this way. Below are the most common examples of currency symbols used at the auction:
- US dollar - U S D, stands for United States Dollar;
- Swiss franc – C H F – Confederation Helvetica Franc;
- British pound – G B R – Great British Pound;
- Japanese yen – J P Y – Japanese Yen.
Designation of currencies has its exceptions from generally accepted norms. For example, the Russian currency is designated not as the expected RUB, but as RUR, and the euro, which is a universal means of payment for several countries at once, has the abbreviation EUR.
If we talk about exchange rates, they show the ratio of funds of different states in relation to each other. Their codes are presented as six-letter words consisting of the designations of two currencies, usually separated by a sign or symbol "-". At the same time, more thansignificant payment unit.
In conclusion, I would like to note that any financial abbreviation denoting a particular currency is very important. Especially in our time, when the development of Internet technologies is gradually reaching a new level. After all, a person is not always able to keep up with various changes in the trends of any field, but on the other hand, he knows how to adapt and improve himself in an already existing environment, and the brevity of currency designations simplifies this task. In addition, according to the classics, such encoding is a talented invention, and not just an engine of laziness.
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