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A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance; i.e., legal tender laws may require a particular unit of account for payments to government agencies.
The UIC Franc was a virtual currency unit used by the International Union of Railways (UIC). It was introduced in 1976 after the Gold Franc was abandoned for this purpose due to instability of the international monetary system, and was replaced by the European Currency Unit on 1 January 1990.
In economics, a local currency is a currency that can be spent in a particular geographical locality at participating organisations. A regional currency is a form of local currency encompassing a larger geographical area, while a community currency might be local or be used for exchange within an online community. A local currency acts as a complementary currency to a national currency, rather than replacing it, and aims to encourage spending within a local community, especially with locally owned businesses. Such currencies may not be backed by a national government nor be legal tender. About 300 complementary currencies, including local currencies, are listed in the Complementary Currency Resource Center worldwide database.
Purchasing power parity (PPP) is a measure of the price of specific goods in different countries and is used to compare the absolute purchasing power of the countries' currencies. PPP is effectively the ratio of the price of a basket of goods at one location divided by the price of the basket of goods at a different location. The PPP inflation and exchange rate may differ from the market exchange rate because of tariffs, and other transaction costs.
In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro.
Decimalisation or decimalization is the conversion of a system of currency or of weights and measures to units related by powers of 10.
A hedge is an investment position intended to offset potential losses or gains that may be incurred by a companion investment. A hedge can be constructed from many types of financial instruments, including stocks, exchange-traded funds, insurance, forward contracts, swaps, options, gambles, many types of over-the-counter and derivative products, and futures contracts.
A passenger name record (PNR) is a record in the database of a computer reservation system (CRS) that contains the itinerary for a passenger or a group of passengers travelling together. The concept of a PNR was first introduced by airlines that needed to exchange reservation information in case passengers required flights of multiple airlines to reach their destination ("interlining"). For this purpose, IATA and ATA have defined standards for interline messaging of PNR and other data through the "ATA/IATA Reservations Interline Message Procedures - Passenger" (AIRIMP). There is no general industry standard for the layout and content of a PNR. In practice, each CRS or hosting system has its own proprietary standards, although common industry needs, including the need to map PNR data easily to AIRIMP messages, has resulted in many general similarities in data content and format between all of the major systems.
An electronic ticket is a method of ticket entry, processing, and marketing for companies in the airline, railways and other transport and entertainment industries.
SITA is a multinational information technology company providing IT and telecommunication services to the air transport industry. The company provides its services to around 400 members and 2,500 customers worldwide, which it claims is about 90% of the world's airline business. Around the world, nearly every passenger flight relies on SITA technology.
Dynamic currency conversion (DCC) or cardholder preferred currency (CPC) is a process whereby the amount of a credit card transaction is converted at the point of sale, ATM or internet to the currency of the card's country of issue. DCC is generally provided by third party operators in association with the merchant, and not by a card issuer. Card issuers permit DCC operators to offer DCC in accordance with the card issuers' processing rules. However, using DCC, the customer is usually charged an amount in excess of the transaction amount converted at the normal exchange rate, though this may not be obviously disclosed to the customer at the time. The merchant, the merchant's bank or ATM operator usually impose a markup on the transaction, in addition to the exchange rate that would normally apply, sometimes by as much as 18%.
Metrication in Australia effectively began in 1966 with the conversion to decimal currency under the auspices of the Decimal Currency Board. The conversion of measurements—metrication—commenced subsequently in 1971, under the direction of the Metric Conversion Board and actively proceeded until the Board was disbanded in 1981.
NUC or Nuc may refer to:
Overselling or overbooking is sale of a volatile good or service in excess of actual supply. Overselling is a common practice in the travel and hospitality sectors, in which it is expected that some people will cancel. The practice occurs as an intentional business strategy in which sellers expect that some buyers will not consume all of the resources they are entitled to, or that some buyers will cancel. The practice of overselling aims to ensure that 100% of available supply will be used, resulting in the maximum return on investment. However, if more customers than the seller expects do wish to purchase or use the sold commodity, it may leave some customers lacking a service they expected to receive.
The international dollar, also known as Geary–Khamis dollar, is a hypothetical unit of currency that has the same purchasing power parity that the U.S. dollar had in the United States at a given point in time. It is mainly used in economics and financial statistics for various purposes, most notably to determine and compare the purchasing power parity and gross domestic product of various countries and markets. The year 1990 or 2000 is often used as a benchmark year for comparisons that run through time. The unit is often abbreviated, e.g. 2000 US dollars or 2000 International$.
Interlining, also known as interline ticketing and interline booking, is a voluntary commercial agreement between individual airlines to handle passengers traveling on itineraries that require multiple flights on multiple airlines. Such agreements allow passengers to change from one flight on one airline to another flight on another airline without having to gather their bags or check-in again. Airlines can also promise free rebooking if the connection is lost due to a delay.
An airline ticket is a document or electronic record, issued by an airline or a travel agency, that confirms that an individual is entitled to a seat on a flight on an aircraft. The airline ticket may be one of two types: a paper ticket, which comprises coupons or vouchers; and an electronic ticket.
Airline reservation systems (ARS) are systems that allow an airline to sell their inventory (seats). It contains information on schedules and fares and contains a database of reservations and of tickets issued. ARSs are part of passenger service systems (PSS), which are applications supporting the direct contact with the passenger.
A fare basis code is an alphabetic or alpha-numeric code used by airlines to identify a fare type and allow airline staff and travel agents to find the rules applicable to that fare. Although airlines now set their own fare basis codes, there are some patterns that have evolved over the years and may still be in use.
References
- ↑ Passenger Services Conference Resolutions Manual. International Air Transportation Association. June 2007. ISBN 978-92-9229-010-8.
- ↑ "eTACS Airline Cargo System". Flight Data Management. Archived from the original on 2009-02-06. Retrieved 2008-11-28.
The airline can define as many currencies as required. The conversion rates can be based on the IATA NUC or standard bank rates.
- ↑ "Section I – General Rules". Alaska Airlines. Archived from the original on October 19, 2007. Retrieved 2008-11-28.
IATA Rate of Exchange means the rate of exchange posted by IATA monthly to convert local currency fares to a Neutral Unit of Construction(NUC) and to convert total NUC amounts to the currency of the country of commencement of transportation. [...] Neutral Unit of Construction (NUC) means the unit value equivalent of local currency fares, add-ons, and related charges, derived by converting the same using the IATA rate of exchange. [...] Rate of Exchange (ROE) is the rate based on the IATA Clearing House Rate which will be revised at least four times yearly and is to be used for conversion of local currency fares to NUC's[ sic ] and vise[ sic ] versa.
- 1 2 Medlik, S. (2003). Dictionary of Travel, Tourism and Hospitality . Butterworth-Heinemann. p. 121. ISBN 0-7506-5650-6.
Neutral Unit of Construction (NUC) The basis of air fare calculations established by the International Air Transport Association (IATA), replaced the Fare Construction Unit (FCU) on 1 July 1989. In the new system individual amounts in local currencies are converted to NUC by the use of NUC conversion factors, and the total NUC amount is converted back to the local currency of sale. The conversion factors are normally adjusted four times a year.
- ↑ "ITA Software Fare Construction". FlyerTalk. 2007-05-30. Retrieved 2008-11-28.
NUC is the basic fare unit. It is the abbreviation for neutral unit of construction. It is a nominal currency equivalent in value to currency of the COC, an industry-wide term that carriers and governments use for fare construction purposes and air fare calculations.
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