1.
ISO 4217
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The ISO4217 code list is used in banking and business globally. ISO4217 codes are used on tickets and international train tickets to remove any ambiguity about the price. The first two letters of the code are the two letters of the ISO 3166-1 alpha-2 country codes and the third is usually the initial of the currency itself, so Japans currency code is JPY—JP for Japan and Y for yen. This eliminates the problem caused by the dollar, franc, peso and pound being used in dozens of different countries. Also, if a currency is revalued, the currency codes last letter is changed to distinguish it from the old currency. Other changes can be seen, however, the Russian ruble, for example, changed from RUR to RUB and these currency units are denominated as one troy ounce of the specified metal as opposed to USD1 or EUR1. The code XTS is reserved for use in testing, the code XXX is used to denote a transaction involving no currency. There are also codes specifying certain monetary instruments used in international finance, the codes for most supranational currencies, such as the East Caribbean dollar, the CFP franc, the CFA franc BEAC and the CFA franc BCEAO. The predecessor to the euro, the European Currency Unit, had the code XEU, the use of an initial letter X for these purposes is facilitated by the ISO3166 rule that no official country code beginning with X will ever be assigned. Because of this rule ISO4217 can use X codes without risk of clashing with a country code. ISO3166 country codes beginning with X are used for private custom use, consequently, ISO4217 can use X codes for non-country-specific currencies without risk of clashing with future country codes. The inclusion of EU in the ISO 3166-1 reserved codes list, the ISO4217 standard includes a crude mechanism for expressing the relationship between a major currency unit and its corresponding minor currency unit. This mechanism is called the exponent and assumes a base of 10. For example, USD is equal to 100 of its currency unit the cent. So the USD has exponent 2, the code JPY is given the exponent 0, because its minor unit, the sen, although nominally valued at 1/100 of a yen, is of such negligible value that it is no longer used. Usually, as with the USD, the currency unit has a value that is 1/100 of the major unit, but in some cases 1/1000 is used. Mauritania does not use a decimal division of units, setting 1 ouguiya equal to 5 khoums, some currencies do not have any minor currency unit at all and these are given an exponent of 0, as with currencies whose minor units are unused due to negligible value. There is also a code number assigned to each currency
2.
Currency symbol
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A currency symbol is a graphic symbol used as a shorthand for a currencys name, especially in reference to amounts of money. The European Commission considers the global recognition of the euro sign € part of its success, in 2009, India launched a public competition to replace the ₨ ligature it shared with neighbouring countries. It finalised its new symbol, ₹ on 15 July 2010. It is a blend of the Latin letter R with the Devanagari letter र, when writing currency amounts the location of the symbol varies by currency. Many currencies in the English-speaking world and Latin America, place it before the amount, the Cape Verdean escudo places its symbol in the decimal separator position. The usage of many European countries, such as France, Germany, the decimal separator also follows local countries standards. For instance, the United Kingdom often uses an interpunct as the point on price stickers. Commas or decimal points are common separators used in other countries, see decimal separator for information on international standards. Older currency symbols have evolved slowly, often from previous currencies, the dollar and peso symbols originated from the mark employed to denote the Spanish real de a ocho, whereas the pound and lira symbols evolved from an L standing for libra, a Roman pound of silver. Newly invented currencies and currencies adopting new symbols have symbolism closer to their adopter, the added center bar in the real sign is meant to symbolize stability. The new Indian rupee symbol, ₹, is a combination of Latin. There are also considerations, such as the perception of the business community. For a new symbol to be used, software to render it needs to be promulgated, the EU was criticized for not considering how the euro symbol would need to be customized to work in different fonts. The original design was exceptionally wide. These two factors have led to most typefaces employing customized, font-specific versions, usually with reduced width, List of currencies List of circulating currencies Currency Symbols
3.
United Arab Emirates
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In 2013, the UAEs population was 9.2 million, of which 1.4 million are Emirati citizens and 7.8 million are expatriates. The country is a federation of seven emirates, and was established on 2 December 1971, the constituent emirates are Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain. Each emirate is governed by a monarch, together, they jointly form the Federal Supreme Council. One of the monarchs is selected as the President of the United Arab Emirates, Islam is the official religion of the UAE and Arabic is the official language. The UAEs oil reserves are the seventh-largest in the world while its natural gas reserves are the worlds seventeenth-largest, Sheikh Zayed, ruler of Abu Dhabi and the first President of the UAE, oversaw the development of the Emirates and steered oil revenues into healthcare, education and infrastructure. The UAEs economy is the most diversified in the Gulf Cooperation Council, while its most populous city of Dubai is an important global city, nevertheless, the country remains principally reliant on its export of petroleum and natural gas. The UAE is criticised for its rights record, including the specific interpretations of Sharia used in its legal system. The UAEs rising international profile has led analysts to identify it as a regional. It appears the land of the Emirates has been occupied for thousands of years, there is no proof of contact with the outside world at that stage, although in time it developed with civilisations in Mesopotamia and Iran. This contact persisted and became wide-ranging, probably motivated by trade in copper from the Hajar Mountains, in ancient times, Al Hasa was part of Al Bahreyn and adjoined Greater Oman. Sassanid groups were present on the Batinah coast, in 637, Julfar was an important port that was used as a staging post for the Islamic invasion of the Sassanian Empire. The area of the Al Ain/Buraimi Oasis was known as Tuam and was an important trading post for camel routes between the coast and the Arabian interior. The earliest Christian site in the UAE was first discovered in the 1990s, a monastic complex on what is now known as Sir Bani Yas Island. Thought to be Nestorian and built in 600 AD, the church appears to have been abandoned peacefully in 750 AD and it forms a rare physical link to a legacy of Christianity which is thought to have spread across the peninsula from 50 to 350 AD following trade routes. Certainly, by the 5th century, Oman had a bishop named John – the last bishop of Oman being Etienne, in 676 AD. This led to a group of travelling to Medina, converting to Islam and subsequently driving a successful uprising against the unpopular Sassanids. Following the death of Prophet Muhammad, the new Islamic communities south of the Persian Gulf threatened to disintegrate, with insurrections against the Muslim leaders. The Caliph Abu Bakr sent an army from the capital Medina which completed its reconquest of the territory with the battle of Dibba in which 10,000 lives are thought to have been lost
4.
Central bank
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A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists, prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The Song dynasty was the first to issue generally circulating paper currency, in 1455, in an effort to control inflation, the succeeding Ming Dynasty ended the use of paper money and closed much of Chinese trade. The Bank of Amsterdam, established in the Dutch Republic in 1609, is considered to be the forerunner to modern central banks. The Wisselbanks innovations helped lay the foundations for the birth and development of the banking system that now plays a vital role in the worlds economy. Along with a number of local banks, it performed many functions of a central banking system. Lucien Gillard calls it the European guilder, and Adam Smith devotes many pages to explaining how the bank guilder works, the model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden and the Bank of England. Established by Dutch-Latvian Johan Palmstruch in 1668, Sveriges Riksbank is often considered by many as the worlds oldest central bank, the lenders would give the government cash and also issue notes against the government bonds, which could be lent again. A Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue banknotes. The £1. 2M was raised in 12 days, half of this was used to rebuild the Navy and these modern central banking functions evolved slowly through the 18th and 19th centuries. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was accused by the bullionists of causing the exchange rate to fall from over issuing banknotes. Nevertheless, it was clear that the Bank was being treated as an organ of the state, henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position, thorntons process of monetary expansion anticipated the theories of Knut Wicksell regarding the cumulative process which restates the Quantity Theory in a theoretically coherent form. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. Under this law, authorisation to issue new banknotes was restricted to the Bank of England, at the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt
5.
Central Bank of the United Arab Emirates
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The Central Bank of the United Arab Emirates is the state institution responsible for managing the currency, monetary policy and banking regulation in the United Arab Emirates. It was established on 19 May 1973 as the United Arab Emirates Currency Board and this followed the creation of the UAE as an independent state in 1971. The original purpose of the UAE Currency Board was to issue an independent currency for the new state to replace the currencies in use, the Qatari riyal. The new UAE dirham entered circulation on the day the Currency Board was established. At this time, the Currency Board of the UAE did not have full central bank powers and it was mandated to manage the currency and the countrys gold and foreign exchange reserves, but did not have regulatory authority and was not empowered to manage the UAEs monetary policy. On 10 December 1980, Union Law No. was passed, the Bank is overseen by a Board of Directors, comprising seven members. The composition of the Board is defined by the UAE Union Law No 10 which provides for a Chairman, Vice Chairman, each member is appointed by a Union Decree after approval by the UAE Council of Ministers, and serves for four years. Mubarak Rashed Al Mansoori, Governor of the Central Bank, was ranked #3 on the Public Investor 100 for 2016, in addition to its Head Office in Abu Dhabi, the Bank has branches in five other cities in the UAE. These are, Al Ain Dubai Fujairah Ras Al Khaimah Sharjah This department is responsible for oversight of the UAE banking industry. A significant part of the department is located in the Banks Dubai office, since the industry in the UAE is largely concentrated in this city. The scope of its regulatory mandate includes domestic banks, foreign banks located in the UAE as well as house and other financial institutions. In June 2013, there were 23 domestic banks and 28 foreign banks in the UAE, the departments functions include the issuing of licenses to banking institutions, setting banking standards and regulations, and monitoring compliance. This department is responsible for issuing and managing currency notes and coins in the UAE and it also manages the UAEs electronic payment systems. This department processes economic data which it publishes in a series of publications, including the Central Banks Annual Report, the Economic Bulletin and this department covers a number of back office functions. These include managing the Banks library, archiving of records, purchasing, buildings maintenance and this department has three main areas, Treasury Operations, Accounts and Management Information. Treasury Operations is part of the back office function of the Treasury Department and this department is responsible for managing and investing the Central Banks assets and reserves. The department is organized into four sections, Capital Markets, Money Markets and Foreign Exchange, Certificates of Deposit. This department undertakes audit functions across the following areas, payment security - checks are performed on all transactions that involve the transfer of funds from accounts maintained by the Central Bank
6.
Fixed exchange-rate system
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There are benefits and risks to using a fixed exchange rate. In doing so, the rate between the currency and its peg does not change based on market conditions, the way floating currencies do. A fixed exchange-rate system can also be used as a means to control the behavior of a currency, however, in doing so, the pegged currency is then controlled by its reference value. In other words, a currency is dependent on its reference value to dictate how its current worth is defined at any given time. The central bank provides the assets and/or the foreign currency or currencies which are needed in order to any payments imbalances. In the 21st century, the associated with large economies typically do not fix or peg exchange rates to other currencies. The last large economy to use a fixed exchange system was the Peoples Republic of China which, in July 2005. The European Exchange Rate Mechanism is also used on a basis to establish a final conversion rate against the Euro from the local currencies of countries joining the Eurozone. The gold standard or gold standard of fixed exchange rates prevailed from about 1870 to 1914. The period between the two wars was transitory, with the Bretton Woods system emerging as the new fixed exchange rate regime in the aftermath of World War II. It was formed with an intent to rebuild war-ravaged nations after World War II through a series of currency stabilization programs, the early 1970s saw the breakdown of the system and its replacement by a mixture of fluctuating and fixed exchange rates. Timeline of the exchange rate system, The earliest establishment of a gold standard was in the United Kingdom in 1821 followed by Australia in 1852. Under this system, the value of all currencies was denominated in terms of gold with central banks ready to buy. Each central bank maintained gold reserves as their official reserve asset, for example, during the “classical” gold standard period, the U. S. dollar was defined as 0.048 troy oz. of pure gold. Following the Second World War, the Bretton Woods system replaced gold with the U. S. dollar as the reserve asset. The regime intended to combine binding legal obligations with multilateral decision-making through the International Monetary Fund, the rules of this system were set forth in the articles of agreement of the IMF and the International Bank for Reconstruction and Development. S. Dollar and to exchange rates within 1% of parity by intervening in their foreign exchange markets. In December 1971, the Smithsonian Agreement paved the way for the increase in the value of the price of gold from US$35.50 to US$38 an ounce
7.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
8.
Arabic
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Arabic is a Central Semitic language that was first spoken in Iron Age northwestern Arabia and is now the lingua franca of the Arab world. Arabic is also the language of 1.7 billion Muslims. It is one of six languages of the United Nations. The modern written language is derived from the language of the Quran and it is widely taught in schools and universities, and is used to varying degrees in workplaces, government, and the media. The two formal varieties are grouped together as Literary Arabic, which is the language of 26 states. Modern Standard Arabic largely follows the standards of Quranic Arabic. Much of the new vocabulary is used to denote concepts that have arisen in the post-Quranic era, Arabic has influenced many languages around the globe throughout its history. During the Middle Ages, Literary Arabic was a vehicle of culture in Europe, especially in science, mathematics. As a result, many European languages have borrowed many words from it. Many words of Arabic origin are found in ancient languages like Latin. Balkan languages, including Greek, have acquired a significant number of Arabic words through contact with Ottoman Turkish. Arabic has also borrowed words from languages including Greek and Persian in medieval times. Arabic is a Central Semitic language, closely related to the Northwest Semitic languages, the Ancient South Arabian languages, the Semitic languages changed a great deal between Proto-Semitic and the establishment of the Central Semitic languages, particularly in grammar. Innovations of the Central Semitic languages—all maintained in Arabic—include, The conversion of the suffix-conjugated stative formation into a past tense, the conversion of the prefix-conjugated preterite-tense formation into a present tense. The elimination of other prefix-conjugated mood/aspect forms in favor of new moods formed by endings attached to the prefix-conjugation forms, the development of an internal passive. These features are evidence of descent from a hypothetical ancestor. In the southwest, various Central Semitic languages both belonging to and outside of the Ancient South Arabian family were spoken and it is also believed that the ancestors of the Modern South Arabian languages were also spoken in southern Arabia at this time. To the north, in the oases of northern Hijaz, Dadanitic and Taymanitic held some prestige as inscriptional languages, in Najd and parts of western Arabia, a language known to scholars as Thamudic C is attested
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