An ISO Currency Code is a three-letter alphabetic code that represents the various currencies used throughout the world. When combined in pairs, they make up the symbols and cross rates used in currency trading.The codes are managed by the International Organization for Standardization (ISO), which is based in Geneva, Switzerland. The ISO 4217 Maintenance Agency (MA) is responsible for maintaining them. The codes are published every quarter by the MA in an online database called "Currency Codes" on its website. They're also printed annually in both English and French versions of "IS0's Catalogue of National Standards".There are currently 187 currency codes recognized by ISO, covering all major currencies as well as many minor ones. The most popular code is USD for United States dollars; other widely traded ones include EUR for euros, GBP for British pounds sterling, JPY For Japanese yen, and CAD For Canadian dollars. Most codes consist of three letters: the first two identify the country or region, while the third denotes the specific currency unit.For example,"US" is America, "GBP" stands for Great Britain, and so on. "Dollar", "Pound", or "Yen" are examples of units. "Codes beginning with X are reserved for private use (customized company solutions or temporary assignments)."XBA" is used to denote European Composite Unit (EURCO), a basket of European Union currencies used as a unitary value bench marking bond markets. "XDR" denotes Special Drawing Rights (SDRs)issued by international organizations like IMF or World Bank as reserve assets. "XXX"- often pronounced triple-ex - can be any combination of letters and serves as a place holder for unidentified or unknown currency units.In addition to being essential for international finance and trade, ISO currency codes also play an important role in our day-to-day lives - even if we don't realize it! Whenever we make purchases online from retailers based in other countries, we usually see prices quoted in our own local currencies using these standard abbreviations. Similarly, when we travel abroad and need to exchange money at banks or airports, ''We'll often see these same codes on signs denoting exchange rates.
