Which currency is in use in South Korea?

Key Points

• The official currency of South Korea is the Won.
• The South Korean Won is abbreviated as KRW and is symbolized by ₩.
• The currency is issued by the Bank of Korea, the central bank of the country.
• The Won is subdivided into 100 jeon, although jeon is no longer used in everyday transactions.
• South Korea's economy is one of the largest in Asia, and the Won plays a crucial role in its financial system.

Additional Information

• South Korea's currency has undergone several changes throughout its history, particularly during periods of economic upheaval.
• The modern Won was introduced in 1962 to replace the old Won at a rate of 1 new Won = 10 old Won.
• The Bank of Korea also manages the country's monetary policy and aims to maintain financial stability.
• The exchange rate of the Won can be influenced by various factors including trade balances, foreign investment, and geopolitical events.