Currency Rates for North Korean Won
Currency Exchange Rates for North Korean Won. Currency Information on KPW for North Korea - ₩. The foreign exchange currency code for KPW represents the North Korean Won exchange rate.
The name ‘won’ is an amalgamation of the Chinese ‘yuan’ and Japanese ‘yen’, all of these are words which man ‘round’.
As North Korea is a socialist state, a separate currency is issued for visitors. North korea issue foreign exchange certificates for visitors, blue for non- socialist country visitors and the red for visitors from other socialist countries.
Send Money Transfer to North Korea. Coins are available in 1, 5, 10 and 50 chon, as well as 1, won. Banknotes are available in denominations of 5, 10, 50, 100, 200, 500, 1000, 2000 and 5000 won.
GBP to KPW
The won is the official currency of North Korea, and it is subdivided into units of 100 chon. The currency is issued by the Central Bank of Korea, which is based in Pyongyang, the capital city of the country. Won is classified as a cognate of the Japanese yen and Chinese Yuan and the three names of the currency were derived from a Chinese word that means round shape. To gain a better understanding of the North Korea Won, it is vital to review the history of the currency.
On December 6, 1947, North Korea adopted the won as the official currency, and this would replace the Korean yen that was in circulation. The currency was exclusively meant for the residents of the country and any visitors that came were issued a different currency (certificates of exchange). However, North Korea came up with two variants of the certificates of exchange for visitors, one meant for visitors from socialist countries, which was red and nicknamed the red won, while the second was for visitors from capitalist nations, which was blue and hence nicknamed the blue won. These certificates were used until 1999 and abolished officially in 2002 in a move that was meant to favor visitors to pay directly using hard currency.
Dollar peg abolished
From 2001, the government of North Korea abandoned the famous 2.16 won rate and this allowed banks to issue the currency at rates close to the market mark. Most recently (7 January 2017), official rates revealed that North Korea won stood at 129.560 to the U.S. dollar. The biggest challenge to the currency has been rampant inflation, which has contributed to the erosion of the value of the won.
Notes for the North Korean won were first issued in 1945 by the provisional government that was backed by Russia. The notes came in denominations of 1, 5, 10 and 100, but they were discontinued shortly following the withdrawal of the forces of the Soviet Union as North Korea gained a new status as an independent state.