KRW is the acronym for the South Korean Won, which is the official currency of South Korea. It is represented by the symbol "₩". The KRW is issued and regulated by the Bank of Korea. The currency can be further divided into smaller units known as Jeon, but these are rarely used in practice.
The South Korean Won has been in circulation since 1902, with several changes in its design and value over the years. It is widely accepted throughout South Korea as the legal tender for all transactions. KRW banknotes are issued in various denominations, including 1,000₩, 5,000₩, 10,000₩, and 50,000₩, while coins are available in denominations of 1₩, 5₩, 10₩, 50₩, 100₩, and 500₩.
The value of the KRW fluctuates in the foreign exchange market, and its exchange rate can vary against other currencies, such as the US dollar or the Euro. The Bank of Korea plays a significant role in maintaining the stability of the KRW through monetary policies and interventions in the foreign exchange market when necessary.
As an integral part of the South Korean economy, the KRW influences various aspects, including trade, investment, and tourism. Understanding the exchange rate and value of the KRW is vital for individuals and businesses engaged in financial transactions involving South Korean currency.
