South Korea - currency, industry and economic situation of the country

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Won is the currency issued by South Korea. The currency of this state from the progressive Asia-Pacific region is significant

means of exchange of values throughout the global economic system. After all, Koreans are capturing an increasing number of markets with their high-quality high-tech products. This state with a market system of economic relations steadily exports a huge amount of services and goods, thereby enabling its own population to live at a high social level. This course of affairs in the country is connected, of course, with unequivocal successes in various industries, economy, culture and science of the Republic of Korea, whose currency is one of the main ways to the well-being of this beautiful and long-suffering, and most importantly, independent state. After all, how can one follow well-being without a well-thought-out and organized system of value exchange? However, this state, although it is an Asian “tiger”, demonstrating economic miracles,but it still has a certain number of unresolved social problems. Since the lack of pensions, corruption, unresolved conflict with the northern neighbor - this is also South Korea. The currency, the exchange rate of which is not approximate, perfectly reflects the problems of the state, which are not presented to the international community. The won at one time experienced several devaluations, as a result of which even thousandth banknotes are used actively by the population. Thus, today the Korean currency against the ruble is correlated by central banks as 33.23 KRW for 1 RUB.

Denomination of monetary units of the Korean "tiger"

Won as a currency with weak purchasing power has a significant amount of zeros on those monetary units that can be exchanged in the country for any significant goods or services. Today, banknotes in denominations of 50,000, 10,000, 5,000 and 1,000, as well as coins in 500, 100, 50, 10, 5 and 1 won, are the form of financial value exchange potential that South Korea emits. The country's currency is indicated on the "Forex" market by the bank code KRW. It has also been assigned the International Organization for Standardization code ISO 4217.

History of Korean money

Won's history is quite small. The operation to introduce modern money in South Korea was launched by the government of the country back in the not very distant 1962. It lasted neither more nor less - until 1975, when there were

last hwans (previousmeans of exchange of value in the region). Since that time, South Korean money has been subjected to devaluation and depreciation more than once. In 1980, the won began the transition to a free floating exchange rate, and already in 1997 it was completed and secured by an agreement with the International Monetary Fund. Today in our country, even children know about a small republic that produces various gadgets, air conditioners and cars, called South Korea. Although its currency is not yet well known to Russian citizens, many will agree that, given the dynamics of the development of the republic with the conquest of a large number of high-tech profitable markets, a future increase in the won’s influence on the global financial sector is possible in the near future. Let's wait and see.