ISO 4217 is the standard established in 1978 by the International Organization for Standardization which defines the rules to create the three-character codes representing each one of the global currencies in circulation.
ISO 4217 is the code used by banks and businesses internationally to designate the different currencies as well as in airline tickets or other international travel tickets to avoid confusion with the price.
The code is formed by three characters.
The first two representing the country, while the third one represents the name of the currency.
For example, the code for the New Zealand dollar combines the first two letters of the country (NZ) and the third letter, (D) for the dollar.
In the FX market, these codes eliminate potential confusion caused by common currency names shared like the dollar, peso, pound, or krona.