The unit price of one country may be used in the buy/sell operations carried out at the market inside the country. For example, a company in Azerbaijan needs to import goods from Europe and thus it has to give euros instead manats to carry out this operation. For this reason the economic relations require the use of foreign currencies. A currency just like a product may be bought or sold.
The exchange rate expresses the opposite of the national currency in the foreign price unit.
The price of any currency unit is determined according to its ask and bid level by the Central bank of the related country within the framework of сurrency interventions. At the international exchanges every unit price has its own generally accepted symbol. Most frequently used price unit codes are given below in the table.
Symbols of Popular Currencies
|
Currency |
Code |
Currency |
Code |
|
US Dollar |
USD |
Turkish Lira |
TRY |
|
Euro |
EUR |
Canadian Dollar |
CAD |
|
British Pound Sterling |
GBP |
Swiss Franc |
CHF |
|
Japanese Yen |
JPY |
Australian Dollar |
AUD |
Each currency pair consists of 6 symbols.
The first 3 letters of the pair stand for the first, the other 3 letters for the second currency.
Example:
The Exchange rate of Euro to American dollar is drawn as EUR/USD, the exchange
rate of American dollar to Turkish lira as USD/TRY.
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