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The first South Korean won was subdivided into 100 jeon. The South Korean won initially had a fixed exchange rate to the U.S. dollar at a rate of 15 won to 1 dollar. A series of devaluations followed, the later ones, in part, due to the Korean War (1950–53). The pegs were:
Following the end of the Colonial Era and the division of Korea, the won was introduced to replace the Korean yen. The first banknotes were issued by the Bank of Joseon until 1950, when the currency management switched to the Bank of Korea. At the time of its introduction in 1945 the won was pegged to the Japanese yen at a rate of 1 won = 1 yen.
At the time of the introduction in 1945 the won was pegged to the Japanese yen at a rate of 1 won = 1 yen. In October of the same year, the anchor currency was changed to the US dollar at a rate of 15 won = 1 dollar. Toward the end of the Korean War the won was devaluated at 6,000 won = 1 dollar. Following that the hwan was introduced as the ...
North Korean won, the present currency of North Korea; It can also refer to these historical currencies: Korean Empire won, 1900–1910 currency in the Korean Empire; Won of the Red Army Command, 1945–1947 currency in northern Korea under the Soviet Civil Administration; South Korean won (1945–1953) South Korean hwan, 1953–1962 currency
The economy of South Korea is a highly developed mixed economy. [19] [20] [21] By nominal GDP, the economy was worth ₩2.61 quadrillion (US$1.87 trillion).It has the 4th largest economy in Asia and the 12th largest in the world as of 2024. [3]
This is a list of South Korean billionaires (by US$) ... Chey Tae-won: 1.4 billion: SK Group: 25: Lee Hae-jin: 1.35 billion: Naver Corporation: 26: Chung Yong-jin: 1. ...
All data are sourced from the latest regional statistics published by the South Korean Government, [1] the OECD and the International Monetary Fund (IMF). [ 2 ] [ 3 ] The South Korean won has been converted to the international dollar using the IMF's Purchasing Power Parity conversion rate.
In order to protect the won, the Korean central bank raised the short-term interest rate to over 12 percent. During that time Korea had accumulated a debt about 100 billion dollars that had to paid within a year while the reserve went down to under US$ 6 billion. Korea had to go to IMF to ask for loan. Finally a deal of US$ 55 billion was signed.