North Korean Won flag

North Korean Won

조선 원

Currency Code

KPW

ISO 408

Symbol

KPW

Native: ₩

Decimal Digits

2

Rounding: 0

Countries

KP

Using this currency

Currency Units

Major Unit

Name: won

Symbol: ₩

Minor Unit

Name: chon

Symbol:

Value: 0.01

Banknotes

Frequently Used

₩5₩10₩50₩100₩200₩500₩1000₩2000₩5000

Coins

Frequently Used

1 chon5 chon10 chon50 chon₩1

Plural Forms

English Plural

North Korean won

Native Plural

조선 원

Overview

The North Korean Won is the currency of North Korea, managed by the Central Bank of the Democratic People's Republic of Korea. It operates in a closed economy with limited international convertibility and multiple exchange rates.

Economy

  • North Korea is a member of Non-Aligned Movement.
  • Main industries include: Military products, Machine building, Electric power, Chemicals, Mining, Metallurgy, Textiles, Food processing.
  • North Korea is part of the World Trade Organization.
  • Imports are petroleum, coking coal, machinery, equipment, textiles, grain.
  • Major exports include minerals, metallurgical products, manufactures, textiles, agricultural products, fishery products.
  • GDP: $40 billion (2015 est.).
  • GDP per capita: $1,700 (2015 est.).
  • Unemployment rate: 25.6% (2013 est.).
  • Inflation rate: No reliable data available.
  • Main trading partners: China, Russia, Pakistan, Thailand, Philippines.
  • Trade agreements: Limited due to international sanctions.

History

  • Previous currencies used: Korean yen, Japanese yen.
  • The won was introduced in 1947, replacing the Korean yen after Korea's liberation from Japan. It has undergone several redenominations due to inflation and economic mismanagement.
  • 1947: KPW introduced, replacing Korean yen
  • 1959: First redenomination (100:1)
  • 1979: Second redenomination (100:1)
  • 2009: Third redenomination (100:1) and currency reform
  • 2010: Currency reform failure and market instability
  • 2017-present: International sanctions impact
  • Exchange rate peg: Multiple exchange rate system with limited convertibility.

General Information

  • ISO 4217 Code: KPW
  • Symbols: KPW/₩
  • Currency Subunits: 100 chon
  • Central Bank: Central Bank of the Democratic People's Republic of Korea
  • Monetary Policy: Centrally planned monetary system with limited market mechanisms. Multiple exchange rates and restricted convertibility.
  • Bills: 5 KPW, 10 KPW, 50 KPW, 100 KPW, 200 KPW, 500 KPW, 1000 KPW, 2000 KPW, 5000 KPW
  • Coins: 1 chon, 5 chon, 10 chon, 50 chon, 1 won
  • USD Exchange Rate: Multiple rates (official: 900 KPW per USD, black market much higher)
  • Pegged To: None (Floating)
  • Capital: Pyongyang
  • Population: 25,955,138 (2023 est.)
  • Area: 120,538 km²
  • Languages: Korean (official)
  • Time Zones: UTC+9 (Pyongyang Time)
  • Government Type: Single-party state
  • Head of Government: Supreme Leader (head of state), Premier (head of government)
  • Independence: September 9, 1948 (from Soviet administration)
  • Ethnic Groups: Korean homogeneous
  • Religions: State atheism (officially), traditional beliefs, Chondoism, Buddhism, Confucianism, Christianity
  • Literacy Rate: 100% (2015 est.)
  • Transport: Pyongyang International Airport, railway system, limited road network, restricted international access
  • Communications: State-controlled telecommunications, very limited internet access
  • Energy: Coal 85%, Hydroelectric 15%
  • Countries Using This Currency: North Korea
  • Data Sources: Central Bank: Central Bank of DPRK (limited information available), Economic Data: Limited official data, external estimates from UN, World Bank, Trade Data: UN Comtrade (limited data), Demographic Data: UN estimates, limited official data, Geographic Data: UN agencies, Historical Data: External research and estimates
  • Last Updated: 2025