European-style option - An
option which restricts holders from exercising their options until the expiration date.
Exercise - When
a holder of an option decides to buy (in the case of a call) or sell (in the case of a
put) the underlying currency at the strike price.
Exercise or
Strike price - The price at which the option buyer has the right to purchase or
sell the underlying currency.
Expiration date - The
last day on which an option may be exercised.
Floor Broker - An
Exchange member who handles and executes orders in the trading crowd on the Exchange
floor.
In-the-Money - When
the exercise price is below the current spot price in the case of a call or above the spot
price in the case of a put.
Intrinsic value - The
amount by which an option is in-the-money.
Inverse (or European)
terms - An option quoted on a currency pair in the reciprocal. For example, an
option on the Deutsche mark quoted in U.S. cents could be quoted in the inverse as an
option on U.S. dollars quoted in Deutsche marks.
Liquidity - The
ability of a market to provide a sufficient amount of bids and offers so as to assure fair
prices.
Long - Refers to
a person's position as the holder of an option.
Margin - Refers
to the cash or securities required to be deposited by an option writer with his brokerage
firm or clearing firm as collateral for the writer's obligation to buy or sell the
underlying currency.
Notice of Exercise - The
notice originated by an option holder and assigned to an option writer stating that an
option is being exercised.
Open interest - The
number of outstanding calls or puts.
Options Clearing
Corporation, The (OCC) - The OCC is the registered clearing agency of all listed
equity options in the U.S. and is subject to regulation by the U.S. Securities and
Exchange Commission. The OCC is rated 'AAA' by the Standard and Poor's Corporation.
Out-of-the-Money - When
the exercise price is higher than the spot price in the case of a call or lower than the
spot price in the case of a put.
Opening transaction - A
transaction which originates an option position.
Option buyer - The
party who obtains the rights, by paying a premium, that are conveyed by an option. Also
known as the option holder.
Option seller - The
party who is obligated to perform if an option is exercised. Also known as the option
writer.
Over-the-Counter - The
largely unregulated market that exists between the interbank dealers and professional
traders and customers where transactions are directly negotiated between two parties.
Premium - The
price of an option - the sum of money that the buyer of an option pays when purchasing an
option and that the writer of an option receives when selling an option. Premiums may be
quoted as units of the base currency or as a percentage of the underlying currency.
Put option - An
option to sell a stated number of units of the underlying currency at a specific price per
unit during a specific period of time.
Registered Options
Trader (ROT) - A participant on the Exchange trading for their own or their firm's
account who is responsible for making two-sided markets in response to requests. Also
referred to as a market-maker.
Request for Quote (RFQ)
- The submission of solicitation of a market on a customized option or options by
a participant on the PHLX trading floor.
Securities and Exchange
Commission (SEC) - A U.S. securities regulatory agency established by Congress to
ensure the protection of investors.
Short - Refers
to a person's position as the writer of an option.
Specialist - An
Exchange member who trades for their firm's or their own account and is responsible for
maintaining a fair and orderly market in whatever issue has been allocated to them by
providing bid and ask markets for each option series. They also are responsible for orders
entrusted to them for execution.
Underlying Currency - The
underlying currency is the currency which is purchased in the case of a call or sold in
the case of a put at the exercise price.
Types of
Strategies
Calendar Spread - The
simultaneous sale and purchase of either calls or puts with the same strike price but
different expiration months.
Spread - A
strategy involving the simultaneous sale and purchase of two different series of options
with different strike prices or expiration months.
Straddle - The
simultaneous sale or purchase of both a call and a put with the same expiration month and
with the same strike price.
Strangle - The
simultaneous sale or purchase of both a call and a put with the same expiration month and
different strike prices.
Vertical spread - The
simultaneous sale and purchase of either calls or puts with the same expiration month but
different strike prices.
Types of Orders
All or none - An
order which must be filled for the full size of the order before it can be executed.
Contingent - An
order whose execution depends on the performance of some other condition, either the
execution of another order or at some specified level of the underlying currency.
Day order - An
order which remains in effect only until executed by the end of the trading day.
Fill or kill - An
order which must be executed for the full size of the order when voiced or else cancelled.
Good-till-cancelled - An
order which remains in effect until it is cancelled or executed.
Immediate or cancel - An
order which must be executed in whole or part when voiced or else cancelled.
Limit - An order
which may be executed only at the specified limit price, or better.
Market - An
order which must be executed at the prevailing best bid or offer.
Stop - An order
which becomes eligible for execution as a market order when a specified price for that
option is reached.
Stop limit - An
order which becomes eligible for execution at a specified limit price when the stop price
for that option is reached.
b. Suggested
Reading
Anderson, Torben Juul. Currency
and Interest Rate Hedging. 2nd Edition, New York Institute of Finance, 1993.
Bishop, Paul and Dixon, Don. Foreign
Exchange Handbook, Managing Risk & Opportunity in Global Currency Markets. New
York: McGraw-Hill, Inc., 1992.
Crawford, George and Sen,
Bidyut. Derivatives for Decision Makers, Strategic Management Issues. New York:
John Wiley & Sons, Inc., 1996.
Deane, Marjorie and Pringle,
Robert. The Central Banks. Viking Press, 1994.
DeRosa, David. Managing
Foreign Exchange Risk, Strategies for Global Portfolios. Chicago: Probus Publishing
Company, 1991.
DeRosa, David. Options on
Foreign Exchange. Chicago: Probus Publishing Company, 1992.
Fitzgerald, M. Desmond. Financial
Options. London: Euromoney Publications, 1987.
Gastineau, Gary. Dictionary
of Financial Risk Management. Institutional Investor Publications, Probus Publishing
Company, 1992.
George, Abraham M. Foreign
Exchange Management and the Multinational Corporation. New York: Praeger, 1978.
Gitlin, Andrew, Editor. Strategic
Currency Investing. Chicago: Probus Publishing Company, 1993.
Globecon Group. The
Derivatives Engineering. Irwin Professional Publishing, 1995.
Heywood, John. Using the
Futures, Forwards and Options Markets. London: Adam and Charles Black, 1984.
Loosigian, Allen M. Foreign
Exchange Futures: A Guide to International Currency Trading. Homewood, Illinois: Dow
Jones Irwin, 1981.
Luca, Cornelius. Trading in
the Global Currency Markets. New York Institute of Finance, Englewood Cliffs, New
Jersey: Prentice Hall, 1995.
Mapletoft, Brian. Effective
Management of Foreign Exchange, A Corporate TreasurerÍs Guide. McGraw Hill Book
Company (UK) Limited, 1991.
Marki, Susan Ross. Derivative
Financial Products. Harper Business, 1991.
McMillan, Lawrence G. Options
as a Strategic Investment. New York: New York Institute of Finance, 1980.
Natenberg, Sheldon. Option
Volatility & Pricing. New York: Irwin Professional Publishing, 1994.
Prindel, Andreas. Foreign
Exchange Risk. New York: John Wiley & Sons, 1976.
Reynolds, Bob. Understanding
Derivatives. London: Pitman Publishing, 1995.
Smithson, Charles, and Smith,
Clifford W. Jr., and Wilford, D. Sykes. Managing Financial Risk. Chase Manhattan
Bank, N.A., 1994.
Walmsley, Julian. The
Foreign Exchange and Money Markets Guide. New York: John Wiley & Sons, Inc. 1992.
Weisweiller, Rudi. How the
Foreign Exchange Market Works. New York Institute of Finance, 1990.
c.
Currencies of the World
Exchange
Rate Regimes
If a currency is named, the
country pegs its currency to the named currency, and the parity is shown in parenthesis.
For example, "US-$ (2.7)" indicates that a currency is pegged to the U.S. dollar
at a parity of 2.7 currency units per US-$. The notation "euro-##.####"
specifies the official locking rate between the new European euro and the eleven
currencies it replaces, that is, one euro buys the amount of national currency indicated.
SDR=Special Drawing Right of the International Monetary Fund. A currency followed by
"(lim.flex.)" indicates that the currency exhibits limited flexibility
vis-à-vis the currency named in the regime column. Other notation used includes:
float=floating exchange rate; m.float=managed float; EMU=member of the European Monetary
Union but not a member of the European euro zone launched on January 1, 1999;
composite=peg is to a basket of currencies; indicators=exchange rate is adjusted
frequently to a set of indicators.
select first letter of country:
A, B, C, D, E, F, G, H, I, J, K, L, M,
N, O, P, Q, R, S, T, U, V, W, Y, Z
Afghanistan
Currency: afghani; Symbol: Af; Subdivision: 100 puls; ISO-4217 Code: AFA 004; Regime:
float
Albania
Currency: lek; Symbol: L; Subdivision: 100 qindarka (qintars); ISO-4217 Code: ALL 008; Regime: float
Algeria
Currency: dinar; Symbol: DA; Subdivision: 100 centimes; ISO-4217 Code: DZD 012; Regime: composite
American Samoa
see United
States of America
Andorra
Andorran Peseta (1/1 to
Spanish Peseta) and Andorran Franc (1/1 to French Franc)
Angola
Currency: kwanza; Symbol: Kz; Subdivision: 100 lwei; ISO-4217 Code: AOK ---; Regime: (replaced)
Angola
Currency: new kwanza (kwanza reajustado); Symbol: Kz; Subdivision: 100 lwei;
ISO-4217 Code: AON 024; Regime: m.float
Anguilla
Currency: dollar; Symbol: EC$; Subdivision: 100 cents; ISO-4217 Code: XCD 951; Regime: US-$ (2.7)
Antarctica
each Antarctic base uses the
currency of its home country
Antigua and Barbuda
Currency: dollar; Symbol: EC$; Subdivision: 100 cents; ISO-4217 Code: XCD 951; Regime: US$ (2.7)
Argentina
Currency: austral (-1991); Symbol: double dashed A; Subdivision: 100 centavos;
ISO-4217 Code: ARA ---; Regime: (replaced)
Argentina
Currency: peso (1991-); Symbol: $; Subdivision: 100 centavos; ISO-4217 Code:
ARS 032; Regime: US-$ (1.0)
Armenia
Currency: dram; Symbol: ; Subdivision: 100 luma; ISO-4217 Code: AMD 051; Regime:
Aruba
Currency: guilder (a.k.a. florin or gulden); Symbol: Af.; Subdivision: 100 cents;
ISO-4217 Code: AWG 533; Regime: US-$ (1.79)
Australia
Currency: dollar; Symbol: A$; Subdivision: 100 cents; ISO-4217 Code: AUD 036; Regime: float
Austria
Currency: schilling; Symbol: S; Subdivision: 100 groschen; ISO-4217 Code:
ATS 040; Regime: euro-13.7603
Azerbaijan
Currency: manat; Symbol: ; Subdivision: 100 gopik; ISO-4217 Code: AZM 031; Regime:
Bahamas
Currency: dollar; Symbol: B$; Subdivision: 100 cents; ISO-4217 Code: BSD 044; Regime: US-$ (1.0)
Bahrain
Currency: dinar; Symbol: BD; Subdivision: 1,000 fils; ISO-4217 Code: BHD 048; Regime: US-$ (lim.flex.)
Bangladesh
Currency: taka; Symbol: Tk; Subdivision: 100 paisa (poisha); ISO-4217 Code: BDT 050; Regime: composite
Barbados
Currency: dollar; Symbol: Bds$; Subdivision: 100 cents; ISO-4217 Code: BBD 052; Regime: US-$ (2.0)
Belarus
Currency: ruble; Symbol: BR; Subdivision: ; ISO-4217 Code: BYB 112; Regime: m.float
Belgium
Currency: franc; Symbol: BF; Subdivision: 100 centimes; ISO-4217 Code: BEF 056; Regime: euro-40.3399
Belize
Currency: dollar; Symbol: BZ$; Subdivision: 100 cents; ISO-4217 Code: BZD 084; Regime: US-$ (2.0)
Belorussia
old name of Belarus
Benin
Currency: franc; Symbol: CFAF; Subdivision: 100 centimes; ISO-4217 Code: XOF 952; Regime: French Franc (100.0)
Bermuda
Currency: dollar; Symbol: Bd$; Subdivision: 100 cents; ISO-4217 Code: BMD 060; Regime: US-$ (1.0)
Bhutan
Currency: ngultrum; Symbol: Nu; Subdivision: 100 chetrum; ISO-4217 Code: BTN 064; Regime: Indian Rupee (1.0)
Bolivia
Currency: boliviano; Symbol: Bs; Subdivision: 100 centavos; ISO-4217 Code: BOB 068; Regime: float
Bosnia
Currency: B.H. dinar; Symbol: ; Subdivision: 100 para; ISO-4217 Code: BAD 070; Regime:
Botswana
Currency: pula; Symbol: P; Subdivision: 100 thebe; ISO-4217 Code: BWP 072; Regime: composite
Bouvet Island
see Norway
Brazil
Currency: cruzeiro (-1993); Symbol: ; Subdivision: 100 centavos; ISO-4217 Code:
BRE 076; Regime: (replaced)
Brazil
Currency: cruzeiro (1993-94); Symbol: ; Subdivision: 100 centavos; ISO-4217 Code: BRR 076; Regime: (replaced)
Brazil
Currency: real (1994-); Symbol: R$; Subdivision: 100 centavos; ISO-4217 Code:
BRL 076; Regime: float
British Indian Ocean Territory
legal currency is GBP, but mostly USD is used
British Virgin Islands
see United States
Brunei
Currency: ringgit (a.k.a. Bruneian dollar); Symbol: B$; Subdivision: 100 sen
(a.k.a. 100 cents); ISO-4217 Code: BND
096; Regime: S$ (1.0)
Bulgaria
Currency: leva; Symbol: Lv; Subdivision: 100 stotinki; ISO-4217 Code: BGL 100; Regime: German Mark (1000)
Burkina Faso
Currency: franc; Symbol: CFAF; Subdivision: 100 centimes; ISO-4217 Code: XOF 952; Regime: French Franc (100.0)
Burma
now Myanmar
Burundi
Currency: franc; Symbol: FBu; Subdivision: 100 centimes; ISO-4217 Code: BIF 108; Regime: composite
Cambodia
Currency: new riel; Symbol: CR; Subdivision: 100 sen; ISO-4217 Code: KHR 116; Regime: m.float
Cameroon
Currency: franc; Symbol: CFAF; Subdivision: 100 centimes; ISO-4217 Code: XAF 950; Regime: French Franc (100.0)
Canada
Currency: dollar; Symbol: Can$; Subdivision: 100 cents; ISO-4217 Code: CAD 124; Regime: float
Canton and Enderbury Islands
see Kiribati
Cape Verde Island
Currency: escudo; Symbol: C.V.Esc.; Subdivision: 100 centavos; ISO-4217 Code:
CVE 132; Regime: composite
Cayman Islands
Currency: dollar; Symbol: CI$; Subdivision: 100 cents; ISO-4217 Code: KYD 136; Regime: US-$ (0.85)
Central African Republic
Currency: franc; Symbol: CFAF; Subdivision: 100 centimes; ISO-4217 Code: XAF 950; Regime: French Franc (100.0)
Chad
Currency: franc; Symbol: CFAF; Subdivision: 100 centimes; ISO-4217 Code: XAF 950; Regime: French Franc (100.0)
Chile
Currency: peso; Symbol: Ch$; Subdivision: 100 centavos; ISO-4217 Code: CLP 152; Regime: indicators
China
Currency: yuan renminbi; Symbol: Y; Subdivision: 10 jiao = 100 fen; ISO-4217
Code: CNY 156; Regime: m.float
Christmas Island
see Australia
Cocos (Keeling) Islands
see Australia
Colombia
Currency: peso; Symbol: Col$; Subdivision: 100 centavos; ISO-4217 Code: COP 170; Regime: m.float
Comoros
Currency: franc; Symbol: CF; Subdivision: -; ISO-4217 Code: KMF 174; Regime: French Franc (75.0)
Congo
Currency: franc; Symbol: CFAF; Subdivision: 100 centimes; ISO-4217 Code: XAF 950; Regime: French Franc (100.0)
Congo, Dem. Rep.
Currency: franc; Symbol: ; Subdivision: 100 centimes; ISO-4217 Code: CDF 180; Regime: US-$ (2.50)
Cook Islands
see New
Zealand
Costa Rica
Currency: colon; Symbol: slashed C; Subdivision: 100 centimos; ISO-4217 Code:
CRC 188; Regime: float
Côte d'Ivoire
Currency: franc; Symbol: CFAF; Subdivision: 100 centimes; ISO-4217 Code: XOF 952; Regime: French Franc (100.0)
Croatia
Currency: kuna; Symbol: HRK; Subdivision: 100 lipas; ISO-4217 Code: HRK 191; Regime: float
Cuba
Currency: peso; Symbol: Cu$; Subdivision: 100 centavos; ISO-4217 Code: CUP 192; Regime: US-$ (1.0)
Cyprus
Currency: pound; Symbol: £C; Subdivision: 100 cents; ISO-4217 Code: CYP 196; Regime: composite
Cyprus (Northern)
see Turkey
Czechoslovakia
split into Czech Republic and
Slovak Republic on January 1, 1993
Czech Republic
Currency: koruna; Symbol: Kc (with hacek on c); Subdivision: 100 haleru; ISO-4217
Code:CZK 203; Regime: float
Denmark
Currency: krone (pl. kroner); Symbol: Dkr; Subdivision: 100 øre; ISO-4217 Code: DKK 208; Regime: EMU
Djibouti
Currency: franc; Symbol: DF; Subdivision: 100 centimes; ISO-4217 Code: DJF 262; Regime: US-$ (177.72)
Dominica
Currency: dollar; Symbol: EC$; Subdivision: 100 cents; ISO-4217 Code: XCD 951; Regime: US-$ (2.7)
Dominican Rep.
Currency: peso; Symbol: RD$; Subdivision: 100 centavos; ISO-4217 Code: DOP 214; Regime: m.float
Dronning Maud Land
see Norway
East Timor
see Indonesia
Ecuador
Currency: sucre; Symbol: S/; Subdivision: 100 centavos; ISO-4217 Code: ECS 218; Regime: m.float
Egypt
Currency: pound; Symbol: £E; Subdivision: 100 piasters or 1,000 milliemes;
ISO-4217 Code: EGP 818; Regime: m.float
El Salvador
Currency: colon; Symbol: ¢; Subdivision: 100 centavos; ISO-4217 Code: SVC 222; Regime: float
Equatorial Guinea
Currency: ekwele (CFA franc); Symbol: CFAF; Subdivision: 100 centimos; ISO-4217
Code: GQE 226; Regime: French Franc (100.0)
Eritrea
Currency: nakfa; Symbol: Nfa; Subdivision: 100 cents; ISO-4217 Code: ERN 232; Regime:
Estonia
Currency: kroon (pl. krooni); Symbol: KR; Subdivision: 100 senti; ISO-4217 Code: EEK 233; Regime: German Mark (8.0)
Ethiopia
Currency: birr; Symbol: Br; Subdivision: 100 cents; ISO-4217 Code: ETB 231; Regime: float
European Union (-1998)
Currency: European Currency Unit; Symbol: ecu; Subdivision: ; ISO-4217 Code: XEU 954
European Union (1999-)
Currency:euro; Symbol: ; Subdivision: 100 euro-cents; ISO-4217 Code: EUR 978
Faeroe Islands (Føroyar)
see Denmark
Falkland Islands
Currency: pound; Symbol: £F; Subdivision: 100 pence; ISO-4217 Code: FKP 238; Regime: British Pound (1.0)
Fiji
Currency: dollar; Symbol: F$; Subdivision: 100 cents; ISO-4217 Code: FJD 242; Regime: composite
Finland
Currency: markka (pl. markkaa); Symbol: mk; Subdivision: 100 penniä (sg. penni);
ISO-4217 Code: FIM 246; Regime: euro-5.94573
France
Currency: franc; Symbol: F; Subdivision: 100 centimes; ISO-4217 Code: FRF 250; Regime: euro-6.55957
French Guiana
see France
French Polynesia
Currency: franc; Symbol: CFPF; Subdivision: 100 centimes; ISO-4217 Code: XPF 953; Regime: FFr (18.18)
Gabon
Currency: franc; Symbol: CFAF; Subdivision: 100 centimes; ISO-4217 Code: XAF 950; Regime: French Franc (100.0)
Gambia
Currency: dalasi; Symbol: D; Subdivision: 100 butut; ISO-4217 Code: GMD 270; Regime: float
Gaza
see Israel and Jordan
Georgia
Currency: lari; Symbol: ; Subdivision: 100 tetri; ISO-4217 Code: GEL 268; Regime: float
Germany
Currency: deutsche mark; Symbol: DM; Subdivision: 100 pfennig; ISO-4217 Code: DEM 280; Regime: euro-1.95583
Ghana
Currency: new cedi; Symbol: ¢; Subdivision: 100 psewas; ISO-4217 Code: GHC 288; Regime: float
Gibraltar
Currency: pound; Symbol: £G; Subdivision: 100 pence; ISO-4217 Code: GIP 292; Regime: British Pound (1.0)
Great Britain
see United Kingdom
Greece
Currency: drachma; Symbol: Dr; Subdivision: 100 lepta (sg. lepton); ISO-4217
Code: GRD 300; Regime: EMU
Greenland
see Denmark
Grenada
Currency: dollar; Symbol: EC$; Subdivision: 100 cents; ISO-4217 Code: XCD 951; Regime: US-$ (2.7)
Guadeloupe
see France
Guam
see United States
Guatemala
Currency: quetzal; Symbol: Q; Subdivision: 100 centavos; ISO-4217 Code: GTQ 320; Regime: float
Guernsey
see United Kingdom
Guinea-Bissau (-Apr1997)
Currency: peso; Symbol: PG; Subdivision: 100 centavos; ISO-4217 Code: GWP 624; Regime: m.float
Guinea-Bissau (May1997-)
Currency: franc; Symbol: CFAF; Subdivision: 100 centimes; ISO-4217 Code: XAF 950; Regime: French Franc (100.0)
Guinea
Currency: syli; Symbol: FG; Subdivision: 10 francs, 1 franc = 100 centimes;
ISO-4217 Code: GNS 324; Regime: m.float
Guinea
Currency: franc; Symbol: ; Subdivision: ; ISO-4217 Code: GNF 324
Guyana
Currency: dollar; Symbol: G$; Subdivision: 100 cents; ISO-4217 Code: GYD 328; Regime: float
Haiti
Currency: gourde; Symbol: G; Subdivision: 100 centimes; ISO-4217 Code: HTG 332; Regime: float
Heard and McDonald Islands
see Australia
Honduras
Currency: lempira; Symbol: L; Subdivision: 100 centavos; ISO-4217 Code: HNL 340; Regime: m.float
Hong Kong
Currency: dollar; Symbol: HK$; Subdivision: 100 cents; ISO-4217 Code: HKD 344; Regime: US-$ (7.73 central parity)
Hungary
Currency: forint; Symbol: Ft; Subdivision: -none-; ISO-4217 Code: HUF 348; Regime: composite
Iceland
Currency: króna; Symbol: IKr; Subdivision: 100 aurar (sg. aur); ISO-4217 Code: ISK 352; Regime: composite
India
Currency: rupee; Symbol: Rs; Subdivision: 100 paise; ISO-4217 Code: INR 356; Regime: float
Indonesia
Currency: rupiah; Symbol: Rp; Subdivision: 100 sen (no longer used); ISO-4217
Code: IDR 360; Regime: m.float
International Monetary Fund
Currency: special drawing right; Symbol: SDR;
Subdivision: ; ISO-4217 Code: XDR
960
Iran
Currency: rial; Symbol: Rls; Subdivision: 10 rials = 1 toman; ISO-4217 Code: IRR 364; Regime: US-$ (4750)
Iraq
Currency: dinar; Symbol: ID; Subdivision: 1,000 fils; ISO-4217 Code: IQD 368; Regime: US-$ (0.3109)
Ireland
Currency: punt or pound; Symbol: IR£; Subdivision: 100 pingin or pence; ISO-4217
Code: IEP 372; Regime: euro-0.787564
Isle of Man
see United Kingdom
Israel
Currency: new shekel; Symbol: NIS; Subdivision: 100 new agorot; ISO-4217 Code:
ILS 376; Regime: m.float
Italy
Currency: lira (pl. lire); Symbol: Lit; Subdivision: no subdivision in use;
ISO-4217 Code: ITL 380; Regime: euro-1936.27
Ivory Coast
see Côte d'Ivoire
Jamaica
Currency: dollar; Symbol: J$; Subdivision: 100 cents; ISO-4217 Code: JMD 388; Regime: float
Japan
Currency: yen; Symbol: ¥; Subdivision: 100 sen (not used); ISO-4217 Code: JPY 392; Regime: float
Jersey
see United Kingdom
Johnston Island
see United States
Jordan
Currency: dinar; Symbol: JD; Subdivision: 1,000 fils; ISO-4217 Code: JOD 400; Regime: composite
Kampuchea
see Cambodia
Kazakhstan
Currency: tenge; Symbol: ; Subdivision: 100 tiyn; ISO-4217 Code: KZT 398; Regime: float
Kenya
Currency: shilling; Symbol: K Sh; Subdivision: 100 cents; ISO-4217 Code: KES 404; Regime: float
Kiribati
see Australia
Korea, North
Currency: won; Symbol: Wn; Subdivision: 100 chon; ISO-4217 Code: KPW 408
Korea, South
Currency: won; Symbol: W; Subdivision: 100 chon; ISO-4217 Code: KRW 410; Regime: float
Kuwait
Currency: dinar; Symbol: KD; Subdivision: 1,000 fils; ISO-4217 Code: KWD 414; Regime: composite
Kyrgyzstan
Currency: som; Symbol: ; Subdivision: 100 tyyn; ISO-4217 Code: KGS 417; Regime: float
Laos
Currency: new kip; Symbol: KN; Subdivision: 100 at; ISO-4217 Code: LAK 418; Regime: m.float
Latvia
Currency: lat; Symbol: Ls; Subdivision: 100 santims; ISO-4217 Code: LVL 428; Regime: SDR
Lebanon
Currency: pound (livre); Symbol: £L; Subdivision: 100 piastres; ISO-4217 Code:
LBP 422; Regime: float
Lesotho
Currency: loti, pl., maloti; Symbol: L, pl., M; Subdivision: 100 lisente;
ISO-4217 Code: LSL 426; Regime: South African Rand (1.0)
Liberia
Currency: dollar; Symbol: $; Subdivision: 100 cents; ISO-4217 Code: LRD 430; Regime: US-$ (1.0)
Libya
Currency: dinar; Symbol: LD; Subdivision: 1,000 dirhams; ISO-4217 Code: LYD 434; Regime: SDR (8.5085)
Liechtenstein
see Switzerland
Lithuania
Currency: litas, pl., litai; Symbol: ; Subdivision: 100 centu; ISO-4217 Code: LTL 440; Regime: US-$ (4.0)
Luxembourg
Currency: franc; Symbol: LuxF; Subdivision: 100 centimes; ISO-4217 Code: LUF 442; Regime: euro-40.3399
Macao (Macau)
Currency: pataca; Symbol: P; Subdivision: 100 avos; ISO-4217 Code: MOP 446; Regime:K-$ (1.03)
Macedonia (Former Yug. Rep.)
Currency: denar; Symbol: MKD; Subdivision: 100 deni; ISO-4217 Code: MKD 807; Regime: composite
Madagascar
Currency: ariayry = 5 francs; Symbol: FMG; Subdivision: 1 francs = 100 centimes;
ISO-4217 Code: MGF 450; Regime: float
Malawi
Currency: kwacha; Symbol: MK; Subdivision: 100 tambala; ISO-4217 Code: MWK 454; Regime: float
Malaysia
Currency: ringgit; Symbol: RM; Subdivision: 100 sen; ISO-4217 Code: MYR 458; Regime: m.float
Maldives
Currency: rufiyaa; Symbol: Rf; Subdivision: 100 lari; ISO-4217 Code: MVR 462; Regime: m.float
Mali
Currency: franc; Symbol: CFAF; Subdivision: 100 centimes; ISO-4217 Code: MLF 466; Regime: French Franc (100.0)
Malta
Currency: lira, pl., liri; Symbol: Lm; Subdivision: 100 cents; ISO-4217 Code: MTL 470; Regime: composite
Martinique
see France
Mauritania
Currency: ouguiya; Symbol: UM; Subdivision: 5 khoums; ISO-4217 Code: MRO 478; Regime: composite
Mauritius
Currency: rupee; Symbol: Mau Rs; Subdivision: 100 cents; ISO-4217 Code: MUR 480; Regime: composite
Micronesia
see United States
Midway Islands
see United States
Mexico
Currency: peso; Symbol: Mex$; Subdivision: 100 centavos; ISO-4217 Code: MXP 484; Regime: m.float
Moldova
Currency: leu, pl., lei; Symbol: ; Subdivision: ; ISO-4217 Code: MDL 498; Regime: float
Monaco
see France
Mongolia
Currency: tugrik (tughrik?); Symbol: Tug; Subdivision: 100 mongos; ISO-4217 Code:
MNT 496; Regime: float
Montserrat
Currency: dollar; Symbol: EC$; Subdivision: 100 cents; ISO-4217 Code: XCD 951; Regime: US-$ (2.7)
Morocco
Currency: dirham; Symbol: DH; Subdivision: 100 centimes; ISO-4217 Code: MAD 504; Regime: composite
Mozambique
Currency: metical; Symbol: Mt; Subdivision: 100 centavos; ISO-4217 Code: MZM 508; Regime: float
Myanmar
Currency: kyat; Symbol: K; Subdivision: 100 pyas; ISO-4217 Code: MMK 104; Regime: US-$ (5.86of, 200-300bm)
Nauru
see Australia
Namibia
Currency: dollar; Symbol: N$; Subdivision: 100 cents; ISO-4217 Code: NAD 516; Regime: South African Rand (1.0)
Nepal
Currency: rupee; Symbol: NRs; Subdivision: 100 paise; ISO-4217 Code: NPR 524; Regime: composite
Netherlands Antilles
Currency: guilder (a.k.a. florin or gulden); Symbol: Ant.f. or NAf.; Subdivision:
100 cents; ISO-4217 Code: ANG
532; Regime: US-$
(1.79)
Netherlands
Currency: guilder (a.k.a. florin or gulden); Symbol: f.; Subdivision: 100 cents;
ISO-4217 Code: NLG 528; Regime: euro-2.20371
New Caledonia
Currency: franc; Symbol: CFPF; Subdivision: 100 centimes; ISO-4217 Code: XPF 953; Regime: FFr (18.18)
New Zealand
Currency: dollar; Symbol: NZ$; Subdivision: 100 cents; ISO-4217 Code: NZD 554; Regime: float
Nicaragua
Currency: gold cordoba; Symbol: C$; Subdivision: 100 centavos; ISO-4217 Code:
NIC 558; Regime: indicators
Niger
Currency: franc; Symbol: CFAF; Subdivision: 100 centimes; ISO-4217 Code: XOF 952; Regime: French Franc (100.0)
Nigeria
Currency: naira; Symbol: double-dashed N; Subdivision: 100 kobo; ISO-4217 Code: NGN 566; Regime: US-$ ((82.0))
Niue
see New Zealand
Norfolk Island
see Australia
Norway
Currency: krone (pl. kroner); Symbol: NKr; Subdivision: 100 øre; ISO-4217 Code: NOK 578; Regime: float
Oman
Currency: rial; Symbol: RO; Subdivision: 1,000 baizas; ISO-4217 Code: OMR 512; Regime: US-$ (1/2.6)
Pakistan
Currency: rupee; Symbol: Rs; Subdivision: 100 paisa; ISO-4217 Code: PKR 586; Regime: m.float
Palau
see United States
Panama
Currency: balboa; Symbol: B; Subdivision: 100 centesimos; ISO-4217 Code: PAB 590; Regime: US-$ (1.0)
Panama Canal Zone
see United States
Papua New Guinea
Currency: kina; Symbol: K; Subdivision: 100 toeas; ISO-4217 Code: PGK 598; Regime: composite
Paraguay
Currency: guarani; Symbol: slashed G; Subdivision: 100 centimos; ISO-4217 Code:
PYG 600; Regime: float
Peru
Currency: inti; Symbol: ; Subdivision: 100 centimos; ISO-4217 Code: PEI ---; Regime: (replaced)
Peru
Currency: new sol; Symbol: S/.; Subdivision: 100 centimos; ISO-4217 Code: PEN 604; Regime: float
Philippines
Currency: peso; Symbol: dashed P; Subdivision: 100 centavos; ISO-4217 Code:
PHP 608; Regime: float
Pitcairn Island
see New Zealand
Poland
Currency: zloty; Symbol: z dashed l; Subdivision: 100 groszy; ISO-4217 Code: PLZ 616; Regime: m.float
Portugal
Currency: escudo; Symbol: Esc; Subdivision: 100 centavos; ISO-4217 Code: PTE 620; Regime: euro-200.482
Puerto Rico
see United States
Qatar
Currency: riyal; Symbol: QR; Subdivision: 100 dirhams; ISO-4217 Code: QAR 634; Regime: US-$ (lim.flex.)
Reunion
see France
Romania
Currency: leu (pl. lei); Symbol: L; Subdivision: 100 bani; ISO-4217 Code: ROL 642; Regime: float
Russia (-1997)
Currency: ruble; Symbol: R; Subdivision: 100 kopecks; ISO-4217 Code: RUR 810; Regime: (replaced, 1000/1)
Russia (1998-)
Currency: ruble; Symbol: R; Subdivision: 100 kopecks; ISO-4217 Code: RUB 810; Regime: float
Rwanda
Currency: franc; Symbol: RF; Subdivision: 100 centimes; ISO-4217 Code: RWF 646; Regime: SDR (201.8?)
Samoa (Western)
see Western Samoa
Samoa (America)
see United States
San Marino
see Italy
Sao Tome & Principe
Currency: dobra; Symbol: Db; Subdivision: 100 centimos; ISO-4217 Code: STD 678; Regime: m.float
Saudi Arabia
Currency: riyal; Symbol: SRls; Subdivision: 100 halalat; ISO-4217 Code: SAR 682; Regime: US-$ (lim.flex.)
Senegal
Currency: franc; Symbol: CFAF; Subdivision: 100 centimes; ISO-4217 Code: XOF 952; Regime: French Franc (100.0)
Serbia
see Yugoslavia
Seychelles
Currency: rupee; Symbol: SR; Subdivision: 100 cents; ISO-4217 Code: SCR 690; Regime: SDR (7.2345)
Sierra Leone
Currency: leone; Symbol: Le; Subdivision: 100 cents; ISO-4217 Code: SLL 694; Regime: float
Singapore
Currency: dollar; Symbol: S$; Subdivision: 100 cents; ISO-4217 Code: SGD 702; Regime: m.float
Slovakia
Currency: koruna; Symbol: Sk; Subdivision: 100 haliers (halierov?); ISO-4217
Code: SKK 703; Regime: composite
Slovenia
Currency: tolar; Symbol: SlT; Subdivision: 100 stotinov (stotins); ISO-4217 Code:
SIT 705; Regime: m.float
Solomon Island
Currency: dollar; Symbol: SI$; Subdivision: 100 cents; ISO-4217 Code: SBD 090; Regime: composite
Somalia
Currency: shilling; Symbol: So. Sh.; Subdivision: 100 centesimi; ISO-4217 Code:
SOS 706; Regime: float
South Africa
Currency: rand; Symbol: R; Subdivision: 100 cents; ISO-4217 Code: ZAR 710; Regime: float
Spain
Currency: peseta; Symbol: Ptas; Subdivision: 100 centimos; ISO-4217 Code: ESP 724; Regime: euro-166.386
Sri Lanka
Currency: rupee; Symbol: SLRs; Subdivision: 100 cents; ISO-4217 Code: LKR 144; Regime: m.float
St. Helena
Currency: pound; Symbol: £S; Subdivision: 100 new pence; ISO-4217 Code: SHP 654; Regime: GBP (1.0)
St. Kitts and Nevis
Currency: dollar; Symbol: EC$; Subdivision: 100 cents; ISO-4217 Code: XCD 951; Regime: US-$ (2.7)
St. Lucia
Currency: dollar; Symbol: EC$; Subdivision: 100 cents; ISO-4217 Code: XCD 951; Regime: US-$ (2.7)
St. Vincent and the Grenadines
Currency: dollar; Symbol: EC$; Subdivision: 100 cents; ISO-4217 Code: XCD 951; Regime: US-$ (2.7)
Sudan
Currency: pound; Symbol: ; Subdivision: 100 piastres; ISO-4217 Code: SDP 736; Regime: m.float
Suriname
Currency: guilder (a.k.a. florin or gulden); Symbol: Sur.f. or Sf.; Subdivision:
100 cents; ISO-4217 Code: SRG
740; Regime: m.float
Svalbard and Jan Mayen Islands
see Norway
Swaziland
Currency: lilangeni, pl., emalangeni; Symbol: L, pl., E; Subdivision: 100 cents;
ISO-4217 Code: SZL 748; Regime: South African rand (1.0)
Sweden
Currency: krona (pl. kronor); Symbol: Sk; Subdivision: 100 öre; ISO-4217 Code: SEK 752; Regime: m.float
Switzerland
Currency: franc; Symbol: SwF; Subdivision: 100 rappen/centimes; ISO-4217 Code: CHF 756; Regime: float
Syria
Currency: pound; Symbol: £S; Subdivision: 100 piasters; ISO-4217 Code: SYP 760; Regime: US-$ (11.225)
Tahiti
see French Polynesia
Taiwan
Currency: new dollar; Symbol: NT$; Subdivision: 100 cents; ISO-4217 Code:
TWD 901
Tajikistan
Currency: ruble; Symbol: ; Subdivision: ; ISO-4217 Code: TJR 762; Regime:
Tanzania
Currency: shilling; Symbol: TSh; Subdivision: 100 cents; ISO-4217 Code: TZS 834; Regime: float
Thailand
Currency: baht; Symbol: Bht or Bt; Subdivision: 100 sastangs; ISO-4217 Code:
THB 764; Regime: float
Togo
Currency: franc; Symbol: CFAF; Subdivision: 100 centimes; ISO-4217 Code: XOF 952; Regime: French Franc (100.0)
Tokelau
see New Zealand
Tonga
Currency: pa'anga; Symbol: PT or T$; Subdivision: 100 seniti; ISO-4217 Code: TOP 776; Regime: composite
Trinidad and Tobago
Currency: dollar; Symbol: TT$; Subdivision: 100 cents; ISO-4217 Code: TTD 780; Regime: float
Tunisia
Currency: dinar; Symbol: TD; Subdivision: 1,000 millimes; ISO-4217 Code: TND 788; Regime: m.float (1.0)
Turkey
Currency: lira; Symbol: TL; Subdivision: 100 kurus; ISO-4217 Code: TRL 792; Regime: m.float
Turkmenistan
Currency: manat; Symbol: ; Subdivision: 100 tenga; ISO-4217 Code: TMM 795; Regime: US-$ (10.0;230.0)
Turks and Caicos Islands
see United States
Tuvalu
see Australia
Uganda
Currency: shilling; Symbol: USh; Subdivision: 100 cents; ISO-4217 Code: UGS ---; Regime: (replaced)
Uganda
Currency: shilling; Symbol: USh; Subdivision: 100 cents; ISO-4217 Code: UGX 800; Regime: float
Ukraine
Currency: Hryvnia; Symbol: ; Subdivision: 100 kopiykas; ISO-4217 Code: UAH 804; Regime: float
United Arab Emirates
Currency: dirham; Symbol: Dh; Subdivision: 100 fils; ISO-4217 Code: AED 784; Regime: US-$ (lim.flex.)
United Kingdom
Currency: pound; Symbol: £; Subdivision: 100 pence; ISO-4217 Code: GBP 826; Regime: float
United States of America
Currency: dollar; Symbol: $; Subdivision: 100 cents; ISO-4217 Code: USD 840; Regime: float
Upper Volta
now Burkina Faso
Uruguay (-1975)
Currency: peso; Symbol: Ur$; Subdivision: 100 centésimos; ISO-4217 Code: UYP ---; Regime: (replaced)
Uruguay (1975-93)
Currency: new peso; Symbol: NUr$; Subdivision: 100 centésimos; ISO-4217 Code:
UYN ---; Regime: (replaced)
Uruguay (1993-)
Currency: peso uruguayo; Symbol: $U; Subdivision: 100 centésimos; ISO-4217 Code:
UYU 858; Regime: m.float
Uzbekistan
Currency: som; Symbol: ; Subdivision: 100 tiyin; ISO-4217 Code: UZS 860; Regime:
Vanuatu
Currency: vatu; Symbol: VT; Subdivision: 100 centimes; ISO-4217 Code: VUV 548; Regime: composite
Vatican
see Italy
Venezuela
Currency: bolivar; Symbol: Bs; Subdivision: 100 centimos; ISO-4217 Code: VEB 862; Regime: float
Viet Nam
Currency: new dong; Symbol: D; Subdivision: 10 hao or 100 xu; ISO-4217 Code: VND 704; Regime: m.float
Virgin Islands
see United States
Wake Island
see United States
Wallis and Futuna Islands
Currency: franc; Symbol: CFPF; Subdivision: 100 centimes; ISO-4217 Code: XPF 953; Regime: FFr (18.18)
Western Sahara
see Spain, Mauritania and Morocco
Western Samoa
Currency: tala; Symbol: WS$; Subdivision: 100 sene; ISO-4217 Code: WST 882; Regime: composite
Yemen
Currency: rial; Symbol: YRls; Subdivision: 100 fils; ISO-4217 Code: YER 886; Regime: float
Yugoslavia
Currency: dinar; Symbol: Din; Subdivision: 100 paras; ISO-4217 Code: YUM 890
Zaïre (-Nov 1994)
Currency: zaire; Symbol: Z; Subdivision: 100 makuta; ISO-4217 Code: ; Regime:
(replaced)
Zaïre (-1997)
Currency: new zaire; Symbol: NZ; Subdivision: 100 new makuta; ISO-4217 Code: ZRN 180; Regime: float
Zaïre
country renamed in 1997 to Democratic Republic of Congo
Zambia
Currency: kwacha; Symbol: ZK; Subdivision: 100 ngwee; ISO-4217 Code: ZMK 894; Regime: float
Zimbabwe
Currency: dollar; Symbol: Z$; Subdivision: 100 cents; ISO-4217 Code: ZWD 716; Regime: float
Other references
World Currency Yearbook,
27th edition
.. (Continues Pick's currency yearbook.)
Pick, Albert: Standard
catalog of world paper money. München: Krause, 1975 (1st edition) ISBN: 0873410025.
7th ed. edited by Neil Shafer and Colin R. Bruce II. Iola, WI: Krause Publications, 1994
International Monetary Fund: International
Financial Statistics Monthly.
d. Special Drawing
Right: The SDR Fact Sheet
What is a
Special Drawing Right (SDR), and what is it used for?
The SDR (Special Drawing
Right) is an artificial "basket" currency used by the IMF (International
Monetary Fund) for internal accounting purposes. The SDR is also used by some countries as
a peg for their own currency.
What
is the value of an SDR?
Initially, the value of the
SDR was defined in terms of one US-$, which in turn was defined in terms of an ounce of
gold: $35/oz until 18-Dec-1971; $38/oz between 18-Dec-1971 and 11-Feb-1973; $42.22/oz
between 12-Feb-1973 and 30-Jun-1974. Since July 1974 the SDR has been defined in terms of
a basket of currencies. This basket consisted initially of 16 currencies and was reduced
to 5 in 1981. Every five years the IMF determines which five currencies will enter the
basket, and which weight will be applied to each currency. The exchange rates used by the
IMF to calculate the official SDR are the noon rates in the London foreign exchange
market. When the London market is closed, noon rates in the New York market are used, and
Frankfurt fixing rates are employed when the New York market is also closed. This hyperlink
shows (table) the composition of the SDR:
How can one
calculate the value of an SDR?
To calculate the value of the
SDR in national currency (say, ABC), multiply the four exchange rates of the home country
vis-à-vis the basket-currency countries (i.e., ABC/USD, ABC/EUR, ABC/JPY, and ABC/GBP)
with the basket values indicated in the above table. Add these four numbers together to
obtain the ABC/SDR exchange rate.
What
is today's value of the SDR?
The International Monetary
Fund prepares a daily web page with today’s SDR valuation.
Where
can I get more information?
The IMF has a SDR home page
with links to current rates and more information. Authorative rates for the most recent
months and for a larger number of currencies are also available directly from the
International Monetary Fund. The IMF also has a FAQ page and a
USER’s Guide.The current SDR value vis-à-vis the US-$ and C-$ are available from Bloomberg.
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