North Korean won
| won | |
|---|---|
 |
|
| Country: |
 North Korea
|
| Subdivision: | 100 chon |
| ISO 4217 code : | KPW |
| Abbreviation: | ₩ |
|
Exchange rate : (March 23, 2018) |
|
| Korean spelling | |
|---|---|
| Korean alphabet : | 원 |
| Hanja : | 圓 |
| Revised Romanization : | won |
| McCune-Reischauer : | Won |
The won (currency symbol ₩ , ISO 4217 code: KPW) is the currency of North Korea . A won is divided into 100 Chŏn ( Hangeul 전 ).
The current won was introduced by the Central Bank of the Democratic People's Republic of Korea in early December 2009 and was issued for old won during a short exchange period. There is no official exchange rate between the won and other currencies. The exchange rate of the old won was fixed by the government at 1 euro = 169 won; however, it was worth significantly less on the black market . There was a special currency for trade with foreign countries, but this was discontinued in July 2002 in favor of foreign currencies. After the US dollar was used for a short time , the euro and sometimes the Japanese yen are used today. Within North Korea, foreign currencies are becoming more and more important in the markets (the so-called changmadangs ). The Chinese yuan , in particular, has recently become the dominant means of payment, as most of the goods imported into North Korea come from China anyway. In addition, the state shops that only accept local currency are becoming less and less important, as they have not been able to guarantee the supply of the population, especially with food, for a long time.
The new won is available in notes of 5, 10, 50, 100, 200, 500, 1000, 2000 and 5000 won as well as coins of 1, 5, 10 and 50 chŏn and 1, 10, 50 and 100 won.
Before 1980, there were three versions of circulation coins: without, with one and with two stars on the reverse. The editions without a star were for North Koreans, coins with one star for visitors from socialist countries, coins with two stars for visitors from capitalist countries.
At the beginning of December 2009 the North Korean government carried out a currency cut, the new currency was changed at the rate of 100: 1 (two zeros in the old currency were deleted). The population was allowed to exchange a maximum of 100,000 won per family until December 6th. According to various sources, cash amounts over 100,000 were exchanged either at a maximum of 30% (corresponds to a rate of up to 300: 1) or at a rate of 1000: 1.
See also
Web links
Individual evidence
- ↑ http://www.xe.com/de/currencyconverter/convert/?Amount=1&From=EUR&To=KPW
- ↑ https://www.cia.gov/library/publications/the-world-factbook/geos/kn.html
- ^ Daily NK : North Korean Currency Sovereignty Diminishing
- ^ Günter Schön and Gerhard Schön: World coin catalog 20th century . Battenberg 2005, 34th edition, p. 873 ISBN 3-89441-566-5
- ↑ North Korea freezes due to the currency reform
- ↑ http://www.csmonitor.com/World/Asia-Pacific/2009/1204/p06s07-woap.html
