{"id":96253,"date":"2024-09-23T03:52:10","date_gmt":"2024-09-23T03:52:10","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/what-is-korean-money-called\/"},"modified":"2024-09-23T03:52:10","modified_gmt":"2024-09-23T03:52:10","slug":"what-is-korean-money-called","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/what-is-korean-money-called\/","title":{"rendered":"What is korean money called?"},"content":{"rendered":"

Korean currency is known as the South Korean Won, with the symbol \u20a9 and the currency code KRW. The Won is used in both South Korea and North Korea, although the currencies of the two countries are not interchangeable. The South Korean Won is issued by the Bank of Korea, which is the central bank of South Korea.<\/p>\n

The Won is subdivided into 100 jeon, but the jeon is no longer used in practice. The Won comes in both coin and banknote form, with coins ranging from 1 Won to 500 Won, and banknotes ranging from 1,000 Won to 50,000 Won.<\/p>\n

The Won has been the official currency of South Korea since 1945, after Korea was liberated from Japanese colonial rule. The currency underwent several periods of devaluation and inflation in the years following the end of the Korean War in 1953, but stabilized in the 1960s with the implementation of economic reforms and the growth of South Korea’s economy.<\/p>\n

As of May 2021, the exchange rate is approximately 1,100 South Korean Won to 1 US Dollar. The value of the Won fluctuates daily, depending on factors such as economic conditions, political stability, and global events.<\/p>\n

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