ISO 4217 or banking. At the 17th session (February 1978), the related UN/ECE Group of Experts agreed that the three-letter alphabetic codes for International Standard ISO 4217, "Codes for the representation of currencies and funds", would be suitable for use in international trade. Over time, new currencies are created and old currencies are discontinued. Frequently, these changes are due to the formation of new governments, treaties between countries standardizing on a shared currency, or revaluation of an existing currency due to excessive inflation. As a result, the list of codes must be updated from time to time. The ISO 4217 maintenance agency
International Organization for Standardization Central Secretariat based in Geneva. A Council with a rotating membership of 20 member bodies provides guidance and governance, including setting the Central Secretariat's annual budget. The Technical Management Board is responsible for over 250 technical committees, who develop the ISO standards. ISO has formed two joint committees with the International Electrotechnical Commission (IEC) to develop standards and terminology in the areas of electrical and electronic related technologies. ISO/IEC Joint Technical Committee 1 (JTC 1) was created in 1987 to "[d]evelop, maintain, promote and facilitate IT standards", where IT refers to information technology. ISO/IEC Joint Technical Committee 2 (JTC 2)