Scala Currency Class
Most of you probably ran into the well-known precision problems with floating point numbers at one time or another. If you haven’t, consider this example:
1.2 - 1.0
Oops. Shouldn’t that be 0.2? Yes it should, but since the number 0.2 cannot be represented exactly in binary form, the result is a little bit less. This problem becomes annoying when Floats or Double values are used to represent money. It gets worse when multiplication or division operations magnify the error, as for example in the case of interest calculations. Simply put, you can’t guarantee the exactness of calculations down to the cent when you represent monetary amounts as floating point values. The Java language has a type called BigDecimal which solves this problem. It offers arbitrary scale fixed point arithmetics that allows precise financial calculations. Unfortunately, Java’s BigDecimal class has a rather unwieldy API which is a pain to use. No problem, you may think, because Scala offers a wrapper for BigDecimal that lets you use it like a normal number. That is true, but try this out:
val b: BigDecimal = 0.1
Oops again. This doesn’t look much better. What is more, the BigDecimal wrapper class in Scala has abstracted away the control over rounding behaviour and precision offered by the Java API. Of course, you could follow another approach and use Long values to represent money and scale them to the required precision, say one ten thousands of a Dollar. However, there are a number of problems with this approach. First, the value range is limited by MAX_LONG/scale. Second, you have to do complex formatting every time you print the values. Third, you have to code rounding manually because remainders are discarded in integer arithmetics:
59L / 10L
With this in mind, I have created a Scala currency type that offers arbitrary precision fixed point arithmetics with an easy-to-use API. It is based on the Java’s BigDecimal type - why reinvent the wheel? Let’s repeat the first arithmetic operation using the currency type:
Currency(1.2) - Currency(1.0)
This time the result is correct. It is correct, because the currency type automatically takes care of rounding. By default, the result is rounded to the second decimal place using the ROUND_HALF_UP rounding mode, which means that 1.555 is rounded to 1.56 and -1.555 is rounded to -1.56. Unlike the rounding for Float and Double values, the rounding is symmetric, which is standard in most financial calculations. If you need a different rounding behaviour – no problem. With the currency type, you have complete control over precision and rounding behaviour.
val c = Currency("1234.56789", 4)
The first expression creates a currency value with a precision of 1/10000 (= four places right of the decimal point) from a string argument where the fifth decimal place is rounded up in construction. The second expression creates a value of 0.1 (10 cents) with a precision of 10-20 or 20 places after the decimal point. The third expression constructs a value of 22.78 with a special rounding mode that stipulates that values should always be rounded down. The effect can be seen when performing an arithmetic operation:
e * 1.1
In this example, the first operation e * 1.1 yields 25.05. We create another currency object with the same value, however with a different rounding mode. When performing the same operation on the second value f, the result differs by one cent from the first because it was rounded differently. This means that arithmetic operations with currency values that have different precision and/or rounding modes are not transitive. This is of course intended behaviour. The above examples show simple calculations with non-specific currency values. In addition to the numeric amount, the currency type optionally takes a currency designation in the form of an ISO 4217 three-letter code. For example:
val salary = Currency(4789.90, "USD")
You can add, subtract and compare amounts in the same currency (or of a non-specific currency value), but when you try to add two different currency values, you get an exception. Alternatively, different currencies could be implemented as different subtypes, as suggested in Ch.20, Programming in Scala (Odersky, Spoon, Venners). This has the advantage that currency mismatches can be detected at compile time. However, it complicates the design and makes mapping the currency type to a database rather awkward. I think that the disadvantages outweigh the benefits, so I implemented the currency type as a “monolithic” class that knows about all currencies. With this design, it becomes easy to format currency values for output.
The currency class offers a severalfold overloaded format method that formats currency amounts according to either the default locale or a chosen locale. Alternatively, you can specify a formatting pattern and/or symbols to use, or you can use Java’s DecimalFormat class for formatting. Thus you have total control over the formatted output. The currency class can also verbalise amounts in four languages.
Finally, the currency class provides a number of convenience methods, such as percentage(), setDecimals(), abs(), fraction(), integral(), pow(), symbol(), getAllCurrencies(), etc., and a number of factory methods and conversion methods to simplify programming with currency values.