North Korean Won Currency | North Korea

North Korean Won

North Korean Won:

Won is the official currency of North Korea which occupies the northern half of the Korean peninsula. It is also known by the name Korean People’s Won and represented by the code KPW and the symbol ₩. The won is a decimalized currency which means each won is further subdivided into one hundred equal parts called chon. The issuance of the currency is vested with the Central Bank of the Democratic People’s Republic of Korea located in the city of Pyangyong.

The frequently used banknotes are ₩10, ₩50, ₩100, ₩200, ₩500, ₩1000, ₩2000 and ₩5000. The coins that are in active circulation are 10, 50 chon and ₩1. Well above half of the North Koreans were found to be using the Chinese Yuan rather than the native won, as a hedge against the steep inflation and to safeguard the value of their intangible properties. According to a survey conducted by Korean Development Institute, considered as a think tank propped up by South Korea, the share of North Koreans switching over to the Chinese Yuan has increased from 23.4% between 2010 and 2012, to 52.5% considering the period commencing from 2013 onwards. North Korea has a highly centralized industrial economy. The currency North Korean won is exclusively meant for the use of the local people and for the sake of visitors a separate currency known as FECs (Foreign Exchange Certificates) are issued by the Bank of Trade. The FECs are issued in two colours – the red FECs for visitors from the socialist countries and the bluish green FECs for those from capitalist countries. The depreciation in the value of FECs has come in favour of visitors, especially those buying them with Euros.

North Korean Won

North Korean Won (North Korea):

Code: KPW

Symbol:

Subunit        

1/100 = chon (전/錢)

Banknotes   

₩5, ₩10, ₩50, ₩100, ₩200, ₩500, ₩1000, ₩2000, ₩5000

Coins 

1, 5, 10, 50 chon, ₩1

Central bank:         

Central Bank of the Democratic People's Republic of Korea

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