Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. At this time, the official exchange rate stood at ₩150,000 to $740, but the black market value for the same was about $30. The country's citizens were given seven days to exchange ₩1,000 notes for ₩10 notes. As of 2012, those visiting North Korea and some privileged locals could pay for goods that are priced in "tied" won using a local debit card. State banks now issue banknotes at rates closer to the black market rate. [17][18] Information was later carried via a wire-based radio service only available within North Korea. [21] Piles of old bills were also set on fire in separate locations across the country, old paper notes were dumped in a stream (against laws of the desecration of images of Kim Il-sung) and two black market traders were shot dead in the streets of Pyongsong by local police, according to international reports. [19], As part of the process, the old notes ceased to be legal tender on November 30, 2009, with notes valued in the new won not being distributed until December 7, 2009. [7], Since 2001, the North Korean government has abandoned the iconic rate of 2.16 won to the dollar (which is said to have been based upon Kim Jong-il's birthday, February 16)[8] and banks in the country now issue at rates closer to the black market rate. After World War II, the Japanese forces in the northern region of Korea surrendered to the Soviet Union. The North Korean won (KPW) is the official currency of the Democratic Peoples' Republic of Korea (DPRK). The North Korean Won is is the official currency of North Korea, which occupies the northern half of the Korean Peninsula. OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC), which includes IIROC's online advisor check database (IIROC AdvisorReport), and customer accounts are protected by the Canadian Investor Protection Fund within specified limits. [6] Since at least 2012 foreign visitors (and privileged locals) can buy goods priced in 'tied' won using a local debit card, which they have to credit with exchanging foreign currency (Euro, United States dollar or Renminbi/Yuan) at the official bank rate. The North Korean won (KPW) is the official currency of the Democratic Peoples' Republic of Korea (DPRK). In 2008, 1 and 5 chon coins were also struck when a plan for monetary revaluation began. [9] However, rampant inflation has been eroding the North Korean won value. Take a look at our scheduled group tours and our tailored private tours to North Korea. No conversion will be required when paying entry fees with EUR, and prices typically reflect an exact banknote, 5 EUR or 20 EUR for example. The Central Planning Committee develops, monitors, and executes business plans, while Provincial Departments of Industry in each region are responsible for the management of local manufacturing facilities, production, resource allocation, and sales. However, following several protests staged by some of the populace, the limit was increased to ₩300,000 for bank savings and ₩150,000 for cash. The Indian Rupee is divided into 100 paise. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Central Bank of the Democratic People's Republic of Korea, North Korea revalues and replaces currency, http://www.nknews.org/2014/09/black-market-cash-the-real-value-of-n-korean-won/, North Korea Reissues Won, a Blow to Unofficial Economy, 'North Korea revalues currency, destroying personal savings', North Koreans in shock as cash is 'banned', Currency reform sparks anger in North Korea, N. Korea's official media silent about currency reform, North’s currency action shocking to its citizens, "North Koreans dares to protest as devaluation wipes out savings", "North Koreans burn bills over currency reform", "North Korea admits drastic currency reform, is silent on protests", "Currency change cripples N.Korea markets: report", "North Korean Won Plunges 96% After Government Revaluation", "Food shortages and violence mount in North Korea as Utopian dream fails", "North Korea Executes Official for Currency Reform, Yonhap Says", "North Korea Says No Chaos After Currency Reform", Bank notes of the modern world – North Korea, North Korea new 100th birthday commemorative notes confirmed, North Korea new 5,000-won commemorative notes confirmed, N.Korea Drops Kim Il-sung from New Banknotes, NK Caught Off Guard by Disappearance of Kim, Past as Prelude: Kim Il Sung Will Reappear, Residents avoiding use of old 5000 KPW notes, "In pictures: Life in poverty-stricken North Korea", US Dollars Become Currency of Choice Among Well-Heeled North Koreans, https://en.wikipedia.org/w/index.php?title=North_Korean_won&oldid=975132762, Articles containing potentially dated statements from August 2020, All articles containing potentially dated statements, Articles with unsourced statements from April 2010, Articles with unsourced statements from April 2015, Creative Commons Attribution-ShareAlike License, Democratic People's Republic of Korea won, Bank title, Coat of arms, value, year of minting, Male and female soldiers; Yang Helyong (scenes from the opera, Worker with a cogwheel and holding a political book; peasant woman holding a sheaf of wheat; factories in the background, Actress Hong Yong-hee in her film role as, Pi Do Island, Western sea barrage and locks at Taedong River(Taedong-gang), Victory Monument of the "Fatherland Liberation War" (, Engineer, farmer and working intellectual, This page was last edited on 26 August 2020, at 22:07. A brief monetary history: Won =(Yen) = 100 Sen, 1946-1947 People's Won = 100 chon, 1947-1959 Won = (100 People's Won) = 100 chon, 1959- For earlier issues see: Korea. North Korea’s currency is the North Korean Won, otherwise known as the Korean People’s Won (KPW) and was introduced as the national currency in 1947 to replace its predecessor, the Korean Yen. In 1987, 1 won coins featuring the Grand People's Study House were introduced, but did not fully replace the 1 won note which remained legal tender. The North Korean won is the currency of record within North Korea's centralized economy, meaning that it is controlled by the communist state. Haggard, Stephen and Marcus Noland (January, 2009). However, following the Russo-Japanese War, the Korean peninsula was formally annexed by the Japanese. This currency was later revalued in 1959 at a rate of one new won to 100 old won to fix the inflation that had occurred as a result of the Korean War.[34]. [13][14] North Koreans were given seven days to exchange a maximum of ₩100,000 (worth approximately US$40 on the black market) in ₩1,000 notes for ₩10 notes, but after protests by some of the populace, the limit was raised to ₩150,000 in cash and ₩300,000 in bank savings. OANDA Australia Pty Ltd is regulated by the Australian Securities and Investments Commission ASIC (ABN 26 152 088 349, AFSL No. These were in denominations of 1, 5, 10, and 100 won. It has denominations of 100 chon. The Central Bank of the Democratic People’s Republic of Korea has complete authority over the KPW, being responsible for its regulation and issuance. North Korea has banned the use of foreign currency in local markets to force people to use the untrusted domestic won in an attempt to acquire much needed U.S. … Damaged bills won’t be accepted and this is exceptionally strict with USD. Coins were issued in 10, 50 chon and 1 won denominations in 2002 and 1 and 5 chon denominations in 2008. In 1978, 50 chon coins featuring the Chollima Statue and a rising sun were introduced into circulation during the 1979 currency reform to allow greater flexibility for vendors by eliminating the 50 chon banknote and large amounts of "small change" coinage carried. [22][23] Authorities threatened "merciless punishment" for any person who violated the rules of the currency change.[24]. You cannot send money to North Korea, traveler’s cheques are not accepted and no online payment options are available. As a result, economic and political sanctions have made the currency inconvertible and blocked on forex markets as well as in international trade. The North Korean Won became the currency of North Korea on December 6, 1947, replacing the Korean Yen. Food rations, housing, health, and education are free, and taxes were abolished on April 1, 1974. From 1998 onwards, all notes were dated using the Juche year (Juche year) along with the standard dating. The exchange rate for the Indian Rupee was last updated on October 5, 2020 from The International Monetary Fund. dollars. However, rampant inflation has been eroding the North Korean Won's value to such an extent that it is now thought to be worth about the same as the South Korean Won. Some of these are official, state approved coins, others are not. The KPW is not convertible into foreign currencies, and as a blocked currency it is difficult to exchange it and is unavailable for trade on forex markets.. In 1992, another redesign was carried out for banknotes, again in denominations of 1-, 5-, 10-, 50-, and 100-won. Later, a new set of coins was introduced in 2005 in denominations of 5, 10, 50, and 100 won. A report by defectors from North Korea claimed that the black market rate was ₩570 to the Chinese yuan (or about ₩4,000 per U.S. dollar) in June 2009. However, there are exceptions and on most of our group tours, we visit the Kwangbok Department Store in Pyongyang where you’ll have the opportunity to exchange into North Korean Won and make purchases within the store. As of September 2020, U.S. $1 is worth roughly 900 KPW.