Neutral unit of construction
| Unit | |
|---|---|
| Symbol | NUC |
The neutral unit of construction or neutral unit of currency (code: NUC) is a private currency used by the airline industry,[1] to record fare calculation information.[2] A set of exchange rates is issued by the International Air Transport Association (IATA) every month.[3] The ticket component prices are converted from the original currency (of the country of commencement of travel) and recorded on the airline ticket.[4]
The NUC system came into being on 1 July 1989, having superseded the older "Fare Construction Unit" (FCU) system.[4] As of 2008[update], the NUC depends on the COC (Country of Commencement) of the travel. Each country that has a strong currency has an IROE (IATA Rate of Exchange) too.[5]
A similar unit, formerly used by the European railway industry, is the UIC Franc (XFU).[citation needed]
References
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