KPW (North Korean Won)
What is ‘KPW’
The currency symbol or currency abbreviation for the North Korean won (KPW), the currency for North Korea. The won is divided into 100 chon and is often presented with the symbol (W). The word “won” is a hybrid of the Chinese word “yuan” and Japanese “yen”.
Explaining ‘KPW’
The won was first seen in 1947, replacing the previous Korean yen. It underwent a 100-to-1 revaluation in 1959. The North Korean government abandoned the set exchange rate with the U.S. dollar in 2001, and the real exchange rate has dropped precipitously since then.
Further Reading
- Scenarios for a Transition to a Prosperous Market Economy in North Korea – www.tandfonline.com [PDF]
- The defector's tale: inside North Korea's secret economy – www.jstor.org [PDF]
- The Sino-North Korean Border Economy: Money and Power Relations in North Korea – muse.jhu.edu [PDF]
- Dollarization of the North Korean Economy: Causes and Effects – papers.ssrn.com [PDF]
- The political economy of economic reform in North Korea – www.tandfonline.com [PDF]
- North Korea's Currency Reform a Failure? – search.proquest.com [PDF]
