643 currency code. Digital currency code

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

World currency codes are designations in the form of numbers and letters, determined by the ISO 4217 standard, which is recognized as international. They are used in all countries. Any of the currencies of the world has its own designation. For example, 643 is the currency code for the ruble of the Russian Federation. The letter designation also contains three characters.

Need for standardization

It is necessary to standardize any work. As a result, the currency of each state has its own unique features.

The digital currency code is regulated and adopted at the global level. The list of monetary units is quite large. The digital designation itself consists of several characters - three numbers and three letters written in Latin.

Currency code is an alphabetic or numeric abbreviation used to designate a monetary unit. It is used as an abbreviation in bank documentation and when conducting money transactions.

The international classifier standardizes the regulations adopted by all states. It is based on the unification of the abbreviationmoney from existing countries.

Advantages of using abbreviations

There are advantages to using the standard:

• when analyzing data in various systems, abbreviated names allow you to increase the speed of information processing and simplify it;
• when exchanging currency in any bank abroad, you can safely carry out the operation: these codes do not require transfer;
• no confusion when referring to some currencies with the same name (for example, the US dollar and Canadian).

The current list, consisting of the currencies of all states, has a total of 280 of their units.

ISO International Standard

Published in the 70s of the twentieth century. Today it is one of the most famous and popular standards. And this is one of the three documents promoted and distributed.

The official languages are English and French. Translation into Russian is not provided.

Taking into account this regulation, the rest of the standards used only in our country are formed. For example, the All-Russian classifier of currencies (it indicates 643 is the currency code of the Russian Federation). Some states use only ISO. By the way, this document is not mandatory for use. It is only a recommendation.

A feature of the standard is a table with currency codes excluded from it after the first publication. In addition, it contains data on derived units.

How currencies are coded

Currency code - its name in the form of numbers and letters. This was introduced by the international standard ISO 4217. It indicates that each monetary unit must have its own designation used in various reporting forms. These abbreviations are also important to know if you are interested in currency prices.

The coding system used was proposed by the International Standards Organization, which developed most of the standards in use today.

The entered codes are designed to automate and unify work with currencies.

The document under consideration is the foundation for the formation of other classifiers. It consists of the following information:

• name of currencies in languages recognized by the official standard: English, French;
• alphabetic encryption;
• digital encryption (for example, 643 is the currency code of the Russian Federation);
• bit depth of change currency;
• list of countries where this money is an official means of payment.

The standard implies a breakdown of monetary units into three groups:

• first group: currently in circulation;
• second group: currency funds in circulation;
• third group: which are no longer in circulation at the date of the release of the standard.

How to read code

If we take the letter designation, then any monetary unit, in accordance with this standard, has three letters in the code:

• the first two letters are the name of the state;
• third - titlenational currency.

So, the currency code for the euro is EUR, the dollar is USD.

Number codes are formed in this way.

By the way, codes are assigned not only to the currencies themselves, but also to operations with them.

Numerical coding is three digits corresponding to the code assigned to the state. For example, dollar: currency code - 840.

Euro currency code

This currency is valid in the territory of the EU (Eurozone). Recognized as official in 16 states.

This currency is the most solvent unit that can be converted into the currency of any country in the world.

Digital code - 978.

Encryption in letters: EUR. In this case, the first two letters are short for European Union. The last letter is the cipher of the payment unit.

It has appeared in the standard since 1999. At first it was listed as a currency for cashless payments. Since 2002, it has also been used as a cash means of payment.

National currency of Russia

The ruble is the payment unit of the Russian Federation. Also in use in South Ossetia and Abkhazia.

There is a ruble in Transnistria, Belarus. But there it has its own designations both in alphabetical and numerical terms.

The ruble appeared in circulation back in Kievan Rus. Today it has a floating rate, traded on the foreign exchange market. The currency has experienced many shocks, including defaults, crises, and so on. But today the ruble is consideredone of the world's currencies.

The cost of the Russian unit of payment has been changed during the denomination. If earlier the national currency of the Russian Federation was designated as RUR, now it is RUB. But today, both in programs and in various payment documents, including official ones, there is an old designation, which misleads some.

Thus, they tried to distinguish between the "old" and "new" money of Russia.

Today, the digital currency code "ruble" is 643. However, this designation has been adjusted: it used to be different - 810. More than ten years have passed since its cancellation.

All tax declarations and payment documents, including international ones, are calculated on the fact that the number 643 (Russian currency code) will be indicated when filling them out.

Despite this, the old digital designation is still used when forming bank accounts. This is explained by the fact that for the transition it would be necessary to change the numbers of all bank accounts of not only individuals, but also legal entities, which would be very difficult and expensive to do.