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LOCAL CURRENCY IN KOREA

Need to know how much is your money worth in Korea? The currency used in Korea is called Won.

The Korean Won is issued and managed by the Bank of Korea. To find out the current currency exchange rates for Won to other major currencies of the world, click on foreign currency rates.

Korean Currency Information
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The currency used in Korea is called as the Won. This currency is denoted with the currency sign ? and the ISO 4217 Code for the Korean Won is KRW. The Won, is the official currency of the Korea . It is divided into 100 smaller units called jeon (?/?) Theoretical (not used).

The constitution of Korea provides that the Korea government shall have the power to print the Korean Won and jeon (?/?) Theoretical (not used) coins to be used as a legal tender in Korea. The Korean Won bank notes and Jeon (?/?) Theoretical (not Used) coins are both designated as "legal tender" in payment of debts.

The Korean Won bill uses the decimal system, consisting of 100 equal units.

The symbol ?, usually written before the numerical amount, is used for the Korean Won.

Currently printed bank notes denominations are ?1000, ?5000, ?10,000, ?50,000 and the coins are minted in the denominations of ?10, ?50, ?100, ?500 .

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The Effect of Balance of Trade and Investment on Korean Won
Financial analysts regularly cite the balance of trade and investment in Korea as the most important influence on the value of the Won. The difference between what the Korea exports and imports in terms of goods and services to and from other countries can be obtained from a balance of trade statement.

The balance of investment on the other hand represents the difference in exports and imports of capital. If exports from Won exceed imports from other countries, in either the balance of trade or balance of investments, it is called a surplus. The term deficit is used when the imports into Won exceed exports to other countries. The points below go into detail to explain on how the balance of trade and balance of investments affect the Korean Won.
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