Korean money title. The won is a Korean currency with a rich history.

If you are going to visit South Korea, then you should definitely understand the local currency. Of course, the first thing you need to know is the exchange rate. But history is not unimportant. After all, while traveling, you will constantly deal with Korean banknotes and every time you will see the same faces on them. And, as any self-respecting tourist, you should definitely learn a little more about the people whose faces adorn Korean money.

Briefly about the main

• Name: South Korean won.
• Designation: ₩.
• Currency code: KRW.
• Denomination (banknotes): 1000₩. 5000₩, 10000₩, 50000₩.
• Denomination (coins): 10₩, 50₩, 100₩, 500₩.
• The country's central bank: Bank of Korea.
• Korean won to euro: 1000₩ = 0.81€.
• To the dollar: 1000₩ = $0.88.
• To the ruble: 1000₩ = 50.02 rubles.

Story

The won has been used as a currency for thousands of years. However, from 1910 to 1945, Korea was a Japanese colony, and Japanese money (yen) was used in the country.

In 1945, after World War II, the country split into South and North Korea. At the same time, a new currency, the won, was introduced.

Initially, the Korean won was pegged to the US dollar at a rate of ₩15=$1. This was followed by a series of devaluations, some of which were related to the Korean War.

By 1951, the won had depreciated to 6,000 won per dollar. In an attempt to solve this problem, a new currency, the hwan, was introduced in 1953, at a rate of 1 to 100 against the won.

Until 1962, the currency of South Korea was the hwan. Then Korean money became won again, and then began a long process aimed at moving to a floating exchange rate.

Despite some shocks, the exchange rate remains relatively stable and efficient.

1000 won - thinker Lee Hwang (1501-1570)

The front side of the banknote depicts an outstanding Korean scientist of the Joseon Dynasty - Lee Hwan. He possessed incredible mental abilities, was the author of many books on Confucianism. He was also extremely talented in calligraphy and poetry. Lee Hwan is a prominent politician of the time. During his forty-year career, he faithfully served four monarchs of the Joseon era.

The reverse side of the banknote depicts a private Confucian academy founded by Lee Hwan.

5,000 won - Politician Li Yi (1536-1584)

Li Yi is a respected politician and one of two well-known Confucian scholars, a student of Li Hwan (the man depicted on the 1000 banknote). He was incredibly smart: he could read at the age of 3, and by the age of 7 he had finished learning the basics of neo-Confucianism. At the age of 13, he passed the exam for entering the civil service, and at 16, after the death of his mother, Sin Saimdang (depicted on 50,000 won), decided to devote his life to the study of Buddhism.

10,000 won - King Sejong the Great (1397-1450)

King Sejong is called great for a reason. This historical figure is known to every inhabitant of the country, and it is not for nothing that his portrait adorns Korean money. It is this king who is considered the creator of Hangul - the Korean alphabet. During his reign, he contributed to the significant advancement of the country not only in literature, but also in science, military and technical fields. His statue, located in front of the Gyeongbokgung Palace, is one of the must-see attractions in Seoul.

On the reverse side of the banknote, you can see 3 inventions of the great ruler (by the way, their bronze copies are also located next to the statue of King Sejong): a globe, a rain gauge and a sundial.

50,000 won - artist Sin Saimdan (1504-1551)

Sin Saimdan is a well-known artist, calligrapher, poet and writer. She is the first woman to appear on a South Korean banknote.

She became famous as a good wife and wise mother, and also did many things that women of that time could only dream of. For example, Sin had no brothers, so she acted as the eldest son for her parents. To a certain extent, she can be classified as a feminist, because Saimdan was able to get an education, which in those days was considered the prerogative of men.

The reverse side of the banknote depicts a Japanese plum, one of the artist's favorite plants.

coins

Today it is extremely rare to find coins in denominations of 1 and 5 won, but until recently they were actively used. Depending on the denomination, the "eagle" looks like:

• 10 won - Tabothap Pagoda, known as the Pagoda of Many Treasures at Bulguksa Temple;
• 50 won - rice flower;
• 100 won - a portrait of Lee Susin - the Korean commander of the fleet;
• 500 won - Turumi - a flying red-headed crane.

Korean money is quite easy to distinguish: banknotes are distinguished by color and size, coins by size. Just like the money of many other countries, they are imbued with a hidden meaning for local residents, and for tourists they can become a good souvenir if they suddenly didn’t have enough time to buy magnets.

History of money South Korea

The next series (1972-1973) is notable for the release of banknotes of large denominations (only 5,000 and 10,000 won), which is associated with a significant depreciation of the national currency. The banknotes were brown and depicted Lee Yi and the main building of the Bank of Korea (5,000 won) and Sejong the Great, Rose of Sharon and Geunjeongjeong in Gyeongbokgung (10,000 won). In 1980-1981, banknotes were completely withdrawn from circulation. They were replaced by banknotes of a new design (1973-1979), orange and green, respectively, with similar images on the front and back. Also in this series were issued banknotes of 500 and 1000 won, green-pink and purple, with images of Lee Sun-sin (naval commander), Kobuksong (national symbol, turtle ship) and the Tomb of Lee Sun-sin on 500 won, Lee Hwan, Rose of Sharon and Dosan for 1,000 won.

In the 1983-2002 series, banknotes became smaller in size, the appearance did not change dramatically, but security elements were added - a watermark, a metallized strip, microprinting, a special pattern, relief images, etc.

Korean won

These banknotes are still in circulation today. The latest series is 2006-2007 (1,000, 5,000 and 10,000 won). The 1,000 won banknotes are blue, the 5,000 won are red-yellow, and the 10,000 won are green. The size has also changed - they have become even smaller.

What currency is used in Korea

The Republic of Korea, in fact, is a fairly advanced state that has its own national currency - the South Korean won.

History of the South Korean currency

State monetary units were introduced into free circulation in 1950, immediately after the creation of the Republican Bank. More than one financial republic fell on their fate, as a result of which the currency was replaced by the yen, and then by the hwan. And already in 1962, in the status of the state currency of South Korea, the won again appeared before the people.

Description of coins

To date, a South Korean bank provides 6 monetary units in the form of coins. Coins in denominations of 1, 5, 10, 50, 100 and 500 are in circulation. However, most local residents argue that nominal coins of 1 and 5 fall into hands quite rarely and are practically not used in everyday life. They are gradually being phased out, and all prices are rounded up to 10 won as much as possible.

Description of banknotes

To date, banknotes of 1000, 5000, 10000 and 50000 have been officially put into circulation in the country. The smallest has a blue color and has received the image of Lee Hwan. Li Yi flaunts for 5000, Sejong the Great for 10000, and the beautiful Shin Saimdang adorns the largest bill.

Currency exchange features

The national currency in Korea is in demand exclusively within the country, so you should take care in advance to purchase it before your trip. But to exchange any money here is not a problem at all. The exchange is made in all banks, bank shops and even in the markets. Exchange offices are located at almost every step, and many of them work around the clock.

Many stores freely accept US dollars as payment. But there are also outlets that are strictly forbidden to take the American dollar, so you should ask the local population or sellers in advance. Any foreign money in Korea is subject to exchange, as the country is extremely interested in financial turnover, which brings great benefits to the state. Bank debit and credit cards are also freely accepted here, but you should ask your bank in advance about the conditions for withdrawing and paying abroad.

Exchange rate to dollar, ruble

The current exchange rate of the South Korean won against the ruble (09/24/2018) is: 1 RUB = 16.19 KRW. As a rule, this indicator is stable, since it is not characterized by sharp ups and downs. If we talk about the American dollar, then its current exchange rate is: 1 KRW = 0.00089 USD.

The Korean won (KRW) is

What money to take to Korea

When planning a trip to this country, there is no need to worry about the peculiarities of the Korean currency. By and large, you can easily come here with absolutely any currency and make a fairly profitable exchange for wons in denominations of 1000, 5000, 10000 or 50000. Tourists from Russia, America, Europe and other regions can safely bring the money they have on hand and exchange it in place. Moreover, it is quite problematic to find exchange offices in your country that convert in the opposite direction. Therefore, if you plan to re-visit South Korea in the future, it is definitely recommended to stock up on the South Korean won, which can partially be classified as curiosities or rare things.

Home / Coins / South Korea

South Korea coins, history of money

Monetary units: Won (W, KRW) Rate: 1 RUB = 38.67 KRW, 100 KRW = 2.59 RUB, 1 USD = 1111.10 KRW, 10000 KRW = 9.00 USD

100 won 1986 South Korea

History of money South Korea

In circulation there are banknotes of 10,000, 5,000, 1,000, 500 won and coins of 5,000, 1,000, 500, 100, 50, 10, 5, and 1 won (5 and 1 won coins are practically not used at present). In the first half of 2009, 50,000 won and 100,000 won banknotes will be introduced into circulation.

The history of South Korea is eventful, and this is reflected in the variety of banknotes used as a means of payment.

The very first coins of South Korea date back to the 3rd century BC. e. and associated with the rule of the Yan Dynasty. In 108 B.C. e. South Korea was invaded by the Chinese Han Dynasty, who began to use their money. Own coins began to be issued in 1097. The first attempt to issue paper money was made in 1401, but it was not successful, so Chinese coins continued to be used as money. The issue of its own coins was established only in 1625 under the ruler Sejong of the Yi dynasty. Mass production of coins began in 1884, after South Korea gained independence from China.

In the twentieth century, regime change occurred repeatedly, and each regime had its own currency. In 1902-1910, the country's currency was won, which was exchanged for chons. After them (from 1910 to 1945), Korean yen was in circulation, which was associated with the occupation of South Korea by Japanese troops, as a result of which South Korea was included in Japan under the name of Chosun Province. Since 1945, since the liberation of South Korea by US troops from the Japanese occupation, the money of South Korea has been yangi (1 yang = 100 fans). Until 1962, hwans were used as a monetary unit, which existed for nine years - since 1953 (the end date of the war between North and South Korea, which began in 1951). Hwans were exchanged for South Korean won at the rate of 10 hwan = 1 won.

The South Korean Won, introduced in 1962, remains the official currency of South Korea. The South Korean won was originally pegged to the dollar, but in 1980 attempts began to move to a floating rate. The reform was fully completed only in 1997.

There are several series of banknotes of the South Korean won. The first issue was made in 1962 (until 1970 such banknotes were completely withdrawn). Then banknotes were issued in denominations of 1 won pink, 5 - blue, 10 - green colors with the image of the symbol of the Bank of Korea on the front side. Banknotes were also issued in 50 won (color - orange, on the obverse - Stone Island), 100 won (green, on the front side - Independence Gate), 500 won (gray, Namdzmun is depicted on the obverse - an architectural monument in Seoul).

The next series is KOMSCO (circulation - 1962-1969, complete withdrawal - 1980). The appearance of banknotes has been significantly modified. Changes were made to the size of banknotes, their color, images on the front and back sides. The 10 won notes became purple, the 50 won green-orange, the 100 won green and the 500 won brown. At the same time, only the denomination and the image of the torch were indicated on the reverse side, and the sights of South Korea began to be depicted on the KOMSCO banknotes. Banknotes of 1 and 5 South Korean won ceased to be issued, but banknotes of 10 and 50 chon were issued (blue and brown, respectively).

The next series (1972-1973) is notable for the release of banknotes of large denominations (only 5,000 and 10,000 won), which is associated with a significant depreciation of the national currency. The banknotes were brown and depicted Lee Yi and the main building of the Bank of Korea (5,000 won) and Sejong the Great, Rose of Sharon and Geunjeongjeong in Gyeongbokgung (10,000 won). In 1980-1981, banknotes were completely withdrawn from circulation.

Exchange rate of the Republic of Korea Won to the ruble for today - KRW/RUB

They were replaced by banknotes of a new design (1973-1979), orange and green, respectively, with similar images on the front and back. Also in this series were issued banknotes of 500 and 1000 won, green-pink and purple, with images of Lee Sun-sin (naval commander), Kobuksong (national symbol, turtle ship) and the Tomb of Lee Sun-sin on 500 won, Lee Hwan, Rose of Sharon and Dosan for 1,000 won.

In the 1983-2002 series, banknotes became smaller in size, the appearance did not change dramatically, but security features were added - a watermark, a metallized strip, microprinting, a special pattern, relief images, etc. These banknotes are in circulation to this day. The latest series is 2006-2007 (1,000, 5,000 and 10,000 won). The 1,000 won banknotes are blue, the 5,000 won are red-yellow, and the 10,000 won are green. The size has also changed - they have become even smaller.

20 chon 1947
50 chon 1947
5 won 1978
10 ch 1988
1 won 1988
5 won 2002
10 won 2002
50 won 2002
10,000 won 2003
200 won 2005
1000 won 2006
5000 won 2006
500 won 2007
North Korean won. 1 won equals 100 chon. North Korean money began to be printed in 1947. The won exchange rate was pegged to the exchange rate of the USSR ruble for a long time. In 1988, different paper money was printed for tourists from capitalist countries and for tourists from socialist countries.

The monetary unit of Korea is won

In 1992, a portrait of Kim Il Sung appeared on banknotes. Until today, there have been several reforms related to the replacement of banknotes for various reasons. Today, North Korean denominated banknotes of the 2009 sample are in circulation in denominations of 5, 10, 50, 100, 200, 500, 1000, 2000 and 5000 won.

Won - Korean currency with a rich history

20 chon 1947
50 chon 1947
5 won 1978
10 ch 1988
1 won 1988
5 won 2002
10 won 2002
50 won 2002
10,000 won 2003
200 won 2005
1000 won 2006
5000 won 2006
500 won 2007
The official currency of North Korea is North Korean won. 1 won equals 100 chon. North Korean money began to be printed in 1947. The won exchange rate was pegged to the exchange rate of the USSR ruble for a long time. In 1988, different paper money was printed for tourists from capitalist countries and for tourists from socialist countries. In 1992, a portrait of Kim Il Sung appeared on banknotes. Until today, there have been several reforms related to the replacement of banknotes for various reasons. Today, North Korean denominated banknotes of the 2009 sample are in circulation in denominations of 5, 10, 50, 100, 200, 500, 1000, 2000 and 5000 won.
Average value of North Korean banknotes

South Korean Won

The monetary unit of South Korea is the won. South Korea's own currency was issued only in 1950 after the liberation of Korea from Japan. These banknotes depicted a portrait of the first South Korean president, Syngman Lee, who ruled at that time.

Today's Korean won exchange rate

His image remained on Korean banknotes until April 1960, when Syngman Rhee was overthrown in the "student revolution". The national currency of the period of the First Republic was distinguished by a large number of hieroglyphics. Chinese characters were used to write almost all the texts on banknotes of that time. Subsequently, the texts on Korean banknotes were made in Korean, and from time to time there were also inscriptions in English.

Won symbol - KWR. On the territory of the country, banknotes are in circulation in denominations of 1000, 5000, 10000 and 50000 won. There are also bank checks in circulation in denominations of 100,000 won or more. When paying by check, on its back, you must write the owner's passport number, as well as the address and telephone number in Korea.

In 2006, banknote counterfeiting became one of the main concerns of the Bank of Korea. For example, a banknote of 5,000 won (equivalent to $5) is 50% fake. This forced the government to introduce a new series of banknotes, with the 5,000 won banknote being the first to be changed. Later, in 2007, 1,000 and 10,000 won banknotes were issued. The banknotes include more than 10 security features in each denomination. Many of the modern security features found in the Euro, Pound Sterling, Canadian Dollar, Japanese Yen are used in Korean banknotes.

On June 23, 2009, the Bank of Korea issued a 50,000 won note. The front side features a portrait of Shin Saimdang, a famous 16th-century artist, calligrapher, and mother of the Korean scholar Yulgok, which is featured on the 5,000 won banknote. This is the first Korean banknote to feature a portrait of a woman.

Updated 04.2012

Coins of South Korea

Many independent travelers are concerned about the answer to the question, what currency to take to Korea? We answer and give useful advice.

What is the currency in Korea: Won (KRW);
What money to take with you: Dollars (more details below).

South Korea has its own national currency, the won (KRW). It is recommended that travelers take it. The most popular banknotes in Korea are banknotes of 1,000, 5,000 and 10,000: they can be used to pay for lunch at a cafe, sightseeing, souvenirs, subway or bus travel. Conveniently, the cost of most goods is expressed as a round sum, and the seller does not have to give change. There are also coins in circulation, but, as a rule, tourists do not need them. It makes no sense to take Russian rubles with you: you can change them to won, but it is quite inconvenient and takes a lot of time.

In addition to the national won, in some Korean small shops you can pay in dollars: as a rule, sellers recalculate the cost of goods according to the current market rate, which is not very different from the official one. But large supermarkets, chain stores, restaurants accept won only.

Today you can find out the won to ruble exchange rate using this calculator.

Travel agents may recommend that you exchange currency at Seoul Airport. However, do not rush into this. It may turn out that the exchange at the bank in your city will be much more profitable than at the place of arrival. Some guides may offer you to change money in the so-called "underground" exchange office, which are very numerous in the Korean capital, and the exchange rate there is quite favorable. But do not lose vigilance and immediately agree to such an offer. You can only do this if you absolutely trust your guide, otherwise you risk losing money and becoming even despite the fact that Seoul is a fairly prosperous city in terms of crime. It is better to make money exchange in banks that work daily from 09:00 to 17:00, but it is worth remembering that they do not exchange currency here on weekends.

Don't forget your Visa or Master Card when you travel to Seoul. You can withdraw cash from ATMs in shopping centers or metro stations. The only difficulties may arise with the display of information about the balance on the ATM screen, since many do not display data in English. Global ATM ATMs can also cause some inconvenience: despite the fact that they accept cards of almost all payment systems, they work from 08:00 to 22:00. HanNe 24-hour ATMs, which can be found at metro stations, bus terminals, hotels, and many shops, accept Master Card and Visa cards.

The Republic of Korea, in fact, is a fairly advanced state that has its own national currency -.

History of the South Korean currency

State monetary units were introduced into free circulation in 1950, immediately after the creation of the Republican Bank. More than one financial republic fell on their fate, as a result of which the currency was replaced by the yen, and then by the hwan. And already in 1962, in the status of the state currency of South Korea, the won again appeared before the people.

Description of coins

To date, a South Korean bank provides 6 monetary units in the form of coins. Coins in denominations of 1, 5, 10, 50, 100 and 500 are in circulation. However, most local residents argue that nominal coins of 1 and 5 fall into hands quite rarely and are practically not used in everyday life. They are gradually being phased out, and all prices are rounded up to 10 won as much as possible.

Description of banknotes

To date, banknotes of 1000, 5000, 10000 and 50000 have been officially put into circulation in the country. The smallest has a blue color and has received the image of Lee Hwan. Li Yi flaunts for 5000, Sejong the Great for 10000, and the beautiful Shin Saimdang adorns the largest bill.

Currency exchange features

The national currency in Korea is in demand exclusively within the country, so you should take care in advance to purchase it before your trip. But to exchange any money here is not a problem at all. The exchange is made in all banks, bank shops and even in the markets. Exchange offices are located at almost every step, and many of them work around the clock.

Many stores freely accept US dollars as payment. But there are also outlets that are strictly forbidden to take the American dollar, so you should ask the local population or sellers in advance. Any foreign money in Korea is subject to exchange, as the country is extremely interested in financial turnover, which brings great benefits to the state. Bank debit and credit cards are also freely accepted here, but you should ask your bank in advance about the conditions for withdrawing and paying abroad.

Exchange rate to dollar, ruble

The current exchange rate of the South Korean won against the ruble (09/24/2018) is: 1 RUB = 16.19 KRW. As a rule, this indicator is stable, since it is not characterized by sharp ups and downs. If we talk about the American dollar, then its current exchange rate is: 1 KRW = 0.00089 USD.

What money to take to Korea

When planning a trip to this country, there is no need to worry about the peculiarities of the Korean currency. By and large, you can easily come here with absolutely any currency and make a fairly profitable exchange for wons in denominations of 1000, 5000, 10000 or 50000. Tourists from Russia, America, Europe and other regions can safely bring the money they have on hand and exchange it in place. Moreover, it is quite problematic to find exchange offices in your country that convert in the opposite direction. Therefore, if you plan to re-visit South Korea in the future, it is definitely recommended to stock up on the South Korean won, which can partially be classified as curiosities or rare things.

South Korean won, the monetary unit of the Republic of Korea, the national currency of Korea since the beginning of the last century, one of the oldest currencies in the world

The concept of the Korean won, the history of the official currency of South Korea, banknotes and coins of the Korean won, features of the KRW money circulation, the exchange rate regime of the won of the Republic of Korea, the exchange rate of the Korean won to the main currencies of the world, KRW in the forex market

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Korean won is, definition

The Korean Won is monetary national unit of the Republic of Korea. Korean won appeared in Korea at the beginning of the last century, but then was replaced by Korean yen, and then - hwanwoo. And only in 1962 on the territory of South Korea was again put into circulation Korean won. One Korean won equals 100 jeonam. But due to the nature of the course jeons are not used in everyday life, even coins with a face value of 1 and 5 are not used out. The Central Bank of South Korea plans to carry out the denomination national currency, but for now this question is postponed. Well Korean won is floating and determined according to supply and demand won in the international currency market.

Republic of Korea. The name won in Russian comes from the phrase 원화 (pronounced won (hu) a), literally: currency Won. Banknotes in denominations of 1000, 5000, 10000 and 50000 are in circulation. out and coins in denominations of 1, 5, 10, 50, 100, 500 out. Since the coins are in 1 and 5 out are rare, calculations are allowed to be rounded up to 10 out.

The Korean won is the currency South Korea. 1 won formally equal to 100 jeonam, but due to the low exchange rate, such a division is not relevant. Banknotes in denominations of 1000, 5000, 10000 and 50000 are in circulation. out, as well as coins with denominations of 1, 5, 10, 50, 100, 500 out(because the coins in 1 and 5 out rare, calculations are usually rounded up to 10 out).

The Korean Won is national currency Republic of Korea, international currency code - KRW, denoted by the symbol - ₩ . Rated 1 won contains 100 chonov However, due to inflation jeons are not used, moreover, there are practically no coins in 1 and 5 out, when calculating the payment amount is rounded up to 10.

South Korea

The Korean won is the currency South Korea. Own currency South Korea was released only in 1950 after the liberation of Korea from Japan. On data bills featured a portrait of the first South Korean president, Syngman Lee, who ruled at the time. His image remained Korean banknotes until April 1960, when Syngman Rhee was overthrown in the "student revolution". National currency period of the First Republic was distinguished by a large number of hieroglyphics. Chinese characters were used to write almost all texts in bills that time. Subsequently, the texts Korean banknotes were made in Korean, and from time to time there were also inscriptions in English.

Korean won is KWR. On the territory of the country in circulation are bills denominations of 1000, 5000, 10000 and 50000 out. There are also bank checks in circulation in denominations of 100,000 or more. out and more. When paying by check, on its back, you must write the owner's passport number, as well as the address and telephone number in Korea. National currency South Korea was not always referred to by the term " won". In the period from 1953 to 1962, it was called " hwana».

The Korean won is the currency Korea in 1902-1910, consisting of 100 chonov(kor. 전, 錢). From an etymological point of view, the word won» related « yuan» (modern monetary unit China) and yen» ( monetary unit Japan), which come from the Chinese character 圓 (“round object”, “round coin”; in the modern sense - “ currency»).

The Korean Won is the currency South Korea. There are 10, 50, 100, 500 coins in circulation out. Paper won issued in denominations of 1.000, 5.000 and 10.000. At the beginning of 2007, a new 10.000 banknote, which differs from the previous ones in size - 13 mm narrower and 8 mm shorter (it resembles an American dollar in size). New ten thousandth bill has additional protection against forgery, and, like its predecessor, is made in pastel greenish tones. Has changed and bill at 1.000 out, now it is blue, while the previous ones were light pink. Cash banknotes foreign countries can be exchanged only in specialized exchange offices and large hotels, but it is not profitable to do this, because of the large commission. Generally, carry cash to Korea unjustifiably, as foreign currency is not accepted anywhere, and virtual payments, in particular plastic cards, are developed everywhere.

Life in the Republic of Korea

The Korean Won is national money currency Republic of Korea, which consisted of 100 chonov, however, due to the fact that the course won too low jeons are no longer used. South Korean won first appeared in circulation in 1962. Then its rate was artificially pegged to the US dollar with a ratio of 125 out: 1 dollar. In the monetary circulation of the state of South Korea are banknotes the following denominations: 1000, 5000, 10000 and 50000 South Korean won, and coins denominations of 1, 5, 10, 50, 100 and 500 South Korean won. coins denominations of 1 and 5 won are very rare, so South Koreans often round amounts when calculating up to 10 out.

The Korean Won is official currency South Korea. In international symbolic notation South Korean won looks like KRW. are in rotation banknotes various series issued after 1962, denominations from 10 chonov up to 10 000 out. In circulation South Korean currency but goes in the form of banknotes of 10,000 out, 5000 out, 1000 out, 500 out And coins at 5000 out, 1000 out, 500 out, 100 out, 50 out, 10 out, 5 out and 1 won. coins denomination of 5 out and 1 won are practically not used at present. In the first half of 2009, it is planned to put into circulation bills denomination of 50,000 out and 100,000 out.

Korean won concept

The Korean won (denoted KRW) is national currency of the Republic of Korea. One won is equal to 100 chons, however, chons are not used for calculations, since such small denominations are not used in the monetary circulation of South Korea. The Korean Won is freely convertible currency, included in the list CLS (Continuous Linked Settlement - a system of connected continuous settlements) is an international system for making settlements on conversion transactions, which is valid for member countries of the International Monetary Fund (IMF).

The issuance of the Korean won is controlled by the Bank of Korea. The Korea Minting and Security Printing Corporation directly prints banknotes and mints coins. There are banknotes in denominations of 1000, 5000, 10,000 and 50,000 won, coins in denominations of 1, 5, 10, 50, 100 and 500 won. Coins in denominations of 1 and 5 won are practically out of circulation, and rounding up to 10 won is accepted in calculations.

The exchange rate of the Korean won against other currencies is set during trading on the international foreign exchange market, depending on supply and demand. This method of determining the exchange rate is called free conversion. The decision on free conversion of currencies was adopted by the countries - members of the International Monetary Fund (IMF) in the mid-seventies of the XX century as one of the fundamental principles of the Jamaican monetary system. Its feature is freely floating exchange rates, the value of which is set depending on supply and demand in the foreign exchange market.

The Korean won was first introduced into circulation in 1902. In 1910, the won was replaced by the Korean yen, due to the fact that Korea was occupied by Japan and included in its composition under the name of the province of Joseon. Korean yens were exchanged for Japanese yens at the rate of 1:1. In 1945, after the liberation of Korea, the Bank of Joseon, which served as the issuing center, again put the won into circulation, although the occupation currency was used in South Korea until 1950. The won was pegged to the US dollar at a rate of 15 won to $1.

Occupation of Korea by Japan

Since 1953, the won has been replaced by the hwan, as the won has depreciated about four hundred times against the US dollar, falling to a ratio of 6,000:1. The replacement of one monetary unit with another was carried out simultaneously with the denomination at the rate of 100 won per hwan. However, the hwan was also subject to galloping inflation, so in 1962 it was abandoned and the won was returned as the national currency. The replacement of one monetary unit with another was again carried out with the simultaneous denomination at the rate of 10 hwan for one won.

The design of Korean banknotes in the period from 1945 to 1960 (the reign of the first president of the Republic of Korea, Lee Syngman) differed sharply from the design of subsequent issues. Almost all the inscriptions were made in Chinese characters, and the dates were indicated according to the Korean calendar, which counts from 2333 BC. Starting from 1962, the inscriptions on banknotes and coins began to be made in the Korean alphabet - Hangul, and the date was indicated in accordance with the generally accepted Gregorian calendar.

Korean won terminology

The South Korean Won is the national currency of the Republic of Korea, the international currency code is KRW, denoted by the symbol - ₩. Nominally, 1 won contains 100 chons, however, due to inflation, chons are not used, moreover, there are practically no coins of 1 and 5 won, when calculating the payment amount is rounded up to 10. Etymologically Korean “won”, Chinese “yuan” and Japanese "yen" are related. They are derived from the same Chinese character 圓, which originally simply meant "round object", then "round coin" and in modern reading "currency".

Chinese characters

From the point of view of etymology, the word “won” is related to “yuan” (the modern monetary unit of China) and “yen” (the monetary unit of Japan), which come from the Chinese character 圓 (“round object”, “round coin”; in the modern sense - “ currency"). The won was introduced in 1902, replacing the Korean yang (Korean 양?, 兩?) at a ratio of 1:5. In 1910, in connection with the transformation of Korea into a Japanese colony, the won was replaced by the Korean yen. It was issued only in the form of coins, banknotes were not issued. The traditional Chinese characters 圓 and 圆 or the Hangul syllable 원 were used to denote won. Currently, the name "won" is the national currency of South (since 1950) and North (since 1947) Korea. The name won in Russian comes from the phrase 원화 (pronounced won (hu) a), literally: Won currency.

History of the Korean Won

One of the main and ancient inventions of mankind for all ages can be considered money - the eternal guides to the history of countries and spies of human dramas and passions. Created to serve, they enslaved people to some extent, becoming the object of their hopes and dreams. The national currency in South Korea is the South Korean Won. The division into North and South Korea took place in 1945. Prior to this period, Korea was one country. The first paper money in Korea appeared only at the beginning of the 20th century.

Korea's first money

The history of South Korea is eventful, and this is reflected in the variety of banknotes used as a means of payment. Since the appearance of the first money in Korea, no less than a thousand years have passed. Their story is not simple. The names of monetary units changed frequently, and constant circulation could not be established until the 19th century. For a long time in this eastern country there was only natural exchange. Basically, they used fabrics and rice. And if a major deal was planned, silver bars were used.

The first attempt to introduce money in Korea dates back to 996-998. At that time, China was one of the main cultural and economic centers. There, coins existed as early as the 1st millennium BC. The appearance of money in Korea is nothing more than a adopted and adapted Chinese experience. These coins were not minted, but cast from a special copper alloy, they were very light. Each weighed about three grams. They cost exactly as much as the material from which they were made. And it was very little. In the center of the coins there was a square hole through which they were strung on a special thread. Sometimes such ligaments reached several kilograms at once. Usually only hieroglyphs were placed on the coins. They indicated in which country and under which ruler this money was made. The first attempt to establish a monetary system in the country was unsuccessful. After some time, the population returned to their usual barter.

Only in 1633 did they try to introduce money in Korea again. This time the experience was more successful. Since 1679, the emission has been carried out regularly. The use of money becomes so convenient that it is already impossible to imagine life without them. At the end of the 19th century, they receive a face value. Now money is not strung on a thread, not cast from copper, but minted. Already in the 1880s, the first Korean silver coin with an ornament was issued.

Variety of Korean money

But for a long time the monetary system could not be settled. Alternately, new coins came to the place of the old ones, which, in turn, also left circulation. The names of banknotes also changed continuously. The country borrowed Chinese, Japanese, and, oddly enough, even Mexican money. And at the beginning of the 20th century, coins with the image of an eagle, very similar to the Russian one, also came into circulation.

Introduction of the Korean won

In 1909, with the permission of the Japanese government, the Central Bank of Korea was created, and in 1910 the bank issued the first paper money in Korea. These were 1 won banknotes. From August 22, 1910 to 1945, Korea was a colony of Japan. During this period, Japanese yen is used.

Film about South Korea

Korean yen period

Since 1905, Korea lost its independence and came under the protectorate of Japan. During the period of the colonial occupation of Korea by Japan from 1910 to 1945, the Japanese currency yen was used. In 1948 South Korea declares its independence. And just before the start of the Korean War, the Central Bank prints the first banknotes. For the first time in the history of the country, they depict the South Korean President - dictator Lee Syngman. However, during this period, Japanese money still continues to be in circulation for some time. Gradually, the monetary system becomes more and more stable. A 1953 reform introduces a hwanu coin with Korean and English inscriptions.

Maintaining a Korean Hwan

In 1948 South Korea becomes an independent state. The first issue of money took place in 1950. The banknotes depicted the President of the country, Syngman Rhee. The money was called "hwan". As a result of high inflation and consequent depreciation, the hwan was abandoned and the won reintroduced. It happened in 1962. The exchange took place at the rate of 10 hwan for 1 won. The won was pegged to the US dollar at the rate of 1 US dollar = 125 won.

Depreciation of KRW

By 1980, the won had depreciated to a rate of 1 US dollar = 580 won. In 1997, the won goes to a floating rate. Modern banknotes of South Korea are issued in denominations of 1000, 5000, 10,000 and 50,000 won. The exchange rate at the beginning of 2013 is 1 US dollar = 1090 won. Despite the significant devaluation of the currency, the government does not denominate. For daily purchases, you have to handle millions of won. Therefore, for convenience, bank checks are used.

Korean won today

The monetary system that exists in the Republic of Korea today was established in 1962. She introduced inscriptions exclusively in her native language, which have survived to this day. With this reform, the traditional Korean name, won, also returned to money. It happened, like the Japanese yen, from a Chinese character created to designate a monetary unit. In fact, this is the same name, only it is pronounced differently in each country.

Republic of Korea today

From the last reform to the present, there have been no special changes in the monetary system of South Korea. True, inflation does its job. So, for example, coins 1 and 5 won are not used at all. The same fate, apparently, after a while awaits 10 won. Now in circulation there are coins of 50, 100, 500 won and banknotes of 1000, 5000, 10,000 won. Philosophers, educators, national heroes, monuments of ancient architecture are depicted on Korean money. In a word, everything that in this or that world is a symbol of the country.

Korean won banknotes

There are several series of banknotes of the South Korean won. The first issue was made in 1962 (until 1970 such banknotes were completely withdrawn). Then banknotes were issued in denominations of 1 won pink, 5 - blue, 10 - green with the image of the symbol of the Bank of Korea on the front side. Banknotes were also issued in 50 won (color - orange, on the obverse - Stone Island), 100 won (green, on the front side - Independence Gate), 500 won (gray, Namdzmun is depicted on the obverse - an architectural monument in Seoul).

The next series is KOMSCO (circulation - 1962-1969, complete withdrawal - 1980). The appearance of banknotes has been significantly modified. Changes were made to the size of banknotes, their color, images on the front and back sides. The 10 won notes became purple, the 50 won were green-orange, the 100 won remained green, and the 500 won became brown. At the same time, only the denomination and the image of the torch were indicated on the reverse side, and the sights of South Korea began to be depicted on the KOMSCO banknotes. Banknotes of 1 and 5 South Korean won ceased to be issued, but banknotes of 10 and 50 chon were issued (blue and brown, respectively).

The next series (1972-1973) is notable for the release of banknotes of large denominations (only 5,000 and 10,000 won), which is associated with a significant depreciation of the national currency. The banknotes were brown and depicted Lee Yi and the main building of the Bank of Korea (5,000 won) and Sejong the Great, Rose of Sharon and Geunjeongjeong in Gyeongbokgung (10,000 won). In 1980-1981, banknotes were completely withdrawn from circulation. They were replaced by banknotes of a new design (1973-1979), orange and green, respectively, with similar images on the front and back. Also in this series were issued banknotes of 500 and 1000 won, green-pink and purple, with images of Lee Sun-sin (naval commander), Kobuksong (national symbol, turtle ship) and the Tomb of Lee Sun-sin on 500 won, Lee Hwan, Rose of Sharon and Dosan for 1,000 won.

In the 1983-2002 series, banknotes became smaller in size, the appearance did not change dramatically, but security elements were added - a watermark, a metallized strip, microprinting, a special pattern, relief images, etc. These banknotes are in circulation to this day. The latest series is 2006-2007 (1,000, 5,000 and 10,000 won). The 1,000 won banknotes are blue, the 5,000 won are red-yellow, and the 10,000 won are green. The size has also changed - they have become even smaller. Banknotes of the South Korean won were issued not only by the Bank of Korea. Thomas De La Rue, an English company specializing in issuing securities, took part in the issue of the first series. In the 1970s, banknotes were issued in Japan.

2007 Korean won banknotes

New South Korean wons have explanatory inscriptions in Korean (obverse) and English (reverse), as well as images:

1,000 KWR, cyan/blue/purple, 136 x 68 mm. On the obverse is the thinker and writer, the theoretician of Sung Confucianism Lee Hwan, on the left are the branches of a blossoming plum tree, and behind them is the lecture hall of Sungkyungwan University (myeonnyundan). On the reverse is a landscape by the artist Jeong Son;

5,000 KWR, pink/orange/brown, 143 x 68 mm, on the obverse is the scholar and statesman Yulgok Li Yi, on the left, behind black bamboo shoots, is the estate where he was born, Ojukhon in Gangneung. On the reverse - Sin Saimdan's painting "Insects and Plants";

10,000 KWR, light green/dark green, 148 x 68 mm, on the obverse - the fourth Wang of the Lee dynasty, the inventor of the Korean alphabet Sejong the Great, on the left is a screen from the Joseon era, text from the first work in Korean "Yongbieocheonga". On the reverse - a map of the starry sky, a telescope and a globe;

50,000 KWR, bright yellow/orange/brown, 154 x 68 mm, on the obverse on the right Yulgok's mother Li Yi - calligrapher, artist, poetess Sin Saimdan (16th century). This is the first and only South Korean banknote to feature a female image. On the left is a screen with embroidered insects and plants (National Treasure of Korea). On the reverse - blossoming plum branches and bamboo shoots.

Korean won banknotes 1983-2002

Korean won banknotes 1972-1973

Korean won banknotes 1962-1969

1962 Korean won banknotes

1953 Korean hwan banknotes

Korean won banknotes 1950-1953

Korean won banknotes 1937-1944

Korean won coins

The first coins of South Korea date back to the 3rd century BC. e. and associated with the rule of the Yan Dynasty. In 108 B.C. e. South Korea was invaded by the Chinese Han Dynasty, who began to use their money. Own coins began to be issued in 1097. The first attempt to issue paper money was made in 1401, but it was not successful, so Chinese coins continued to be used as money. The issue of its own coins was established only in 1625 under the ruler Sejong of the Yi dynasty. Mass production of coins began in 1884, after South Korea gained independence from China.

In the twentieth century, regime change occurred repeatedly, and each regime had its own currency. In 1902-1910, the country's currency was won, which was exchanged for chons. After them (from 1910 to 1945), Korean yen was in circulation, which was associated with the occupation of South Korea by Japanese troops, as a result of which South Korea was included in Japan under the name of Chosun Province. Since 1945, since the liberation of South Korea by the US troops from the Japanese occupation, the money of South Korea has been yangi (1 yang = 100 fans). Until 1962, hwans were used as a monetary unit, which existed for nine years - since 1953 (the end date of the war between North and South Korea, which began in 1951). Hwans were exchanged for South Korean won at the rate of 10 hwan = 1 won.

The South Korean Won, introduced in 1962, remains the official currency of South Korea. The South Korean won was originally pegged to the dollar, but in 1980 attempts began to move to a floating rate. The reform was fully completed only in 1997.

Development of South Korea

Won coin series 1982-2006

In 1982, a new series of coins was issued - 500 won coins were introduced, which depict a crane. 1, 5, 10, 50 and 100 won were also issued with similar sizes, alloys, images:

10 KWR, copper-clad aluminium, Tabothap Pagoda of Many Treasures in Gyeongju, (8th century BC), explanatory inscription on both sides of the image;

50 KWR, copper-zinc-nickel alloy, - rice stalk, explanatory inscription below;

100 KWR, copper-nickel alloy, - the national hero of Korea, Admiral Yi Sun-Sin (16th century), the creator of the turtle ship. Explanatory inscription - on both sides of the portrait;

500 KWR, copper-nickel alloy, - a flying Manchurian crane, an explanatory inscription at the bottom.

Won coin series 1966-1982

Coins of the South Korean won began to be issued in 1966. At first, these were coins of 10 and 50 hwan, equivalent to 1 and 5 won. Later, won were issued directly - first 1 won, then 5 and 10, 50 and 100 won. All coins differ in weight and size - the larger the denomination, the larger these parameters. Coins are made from various metals. The most commonly used alloys are brass (1966 won 1 won), aluminum (1968 won 1 won), bronze (5 won), high zinc brass (1966 won 5, 1970 won 10), copper-zinc-nickel alloy. (50 won), copper-nickel alloy (100 won). Most of the coins have a smooth edge, while the 100 won coins have a ribbed edge. The obverse depicts the national symbols of South Korea:

For 1 won - Rose of Sharon (wild rose growing in the Korean mountains);

On 5 - kobukson (turtle ship);

10 - Tabothap (stone pagoda in Gyeongju);

At 50 - a rice flower;

At 100 - Li Sunsin (the famous naval commander of the 16th century).

On the reverse of the coins, the denomination, the year of issue, and the name of the issuer are minted. All coins, except brass 1 won coins, are still in circulation.

old korean won coins

Korea has been heavily influenced by Chinese culture for a long time. Until the end of the 19th century, ancient Chinese was the state language in Korea, and coins were cast (and not minted, like European ones) according to the Chinese model. These were small round coins with a square hole in the middle, the shape of which was established in China as early as the 3rd century BC. BC. Korea has been heavily influenced by Chinese culture for a long time. Until the end of the 19th century, ancient Chinese was the state language in Korea, and coins were cast (and not minted, like European ones) according to the Chinese model. These were small round coins with a square hole in the middle, the shape of which was established in China as early as the 3rd century BC. BC.

The main material for making coins was copper. Copper was treated in a special way as the only metal, the value of which is always unchanged and does not depend on market conditions, as is the case with precious metals. The inscription on the front side usually consisted of four characters: the first two, as a rule, were the motto of the reign of the Chinese emperor, and the other two were one of the self-names of the coin, for example, "walking jewel" (tonbo, 通寶), "heavy jewel" (chunbo , 重寶), etc. Sometimes, instead of the motto of government, the name of the country was indicated on Korean coins, for example: Joseon, Haedong ("East Seaside", "Country East of the Sea"), Dongguk ("East Country"), etc.

Starting from the 17th century, sanpyeong tongbo (常平通寶) coins were also common. The characters "san" and "pyeong" are taken from the name of the price control agency - Sangpyeongcheon, their combination in its meaning is approximately equivalent to the word "stability". Coins were strung on a string, a bunch of coins served as a monetary unit. Bundles could be large or small, sometimes up to 500 and 1000 pieces. With a single coin weighing 3.75 g, one such bundle weighed several kilograms.

At the end of the 19th century, European traditions came to the monetary business of Korea. After buying minting equipment in Germany in 1883, German engineers produced the first Western-style coins. In total there were 15 varieties, but only three had circulation: silver worth 1 won and copper - 10 and 5 mun. The name of the Korean coin "won", like the Chinese "yuan" and the Japanese "yen" comes from the different sound of the same Chinese character. The design of the coins was exactly copied from the Japanese yen, which was introduced in Japan in 1870. On the obverse in the center there is an image of a dragon, along the edge there are designations in Chinese characters of the year since the founding of the state of Joseon (founded in 1392), for example, 495 corresponds to 1886, as well as the designation of the denomination of the coin in Korean and in English (on won - WARN, on the moons - MUN). On the reverse, also very similar to the Japanese sample, in the center there is a designation of dignity in Chinese characters, branches with flowers along the edge, and on top is the Korean taeguk emblem, which at that time was somewhat different from the one that now adorns the flag of the Republic of Korea.

In 1892, a reform took place, the ratio of 1 won = 1000 mun was replaced by 1 won = 5 nyan, 1 nyan = 100 pung (Korean reading of the names of the Chinese coins of the same name "liang" and "fen"). In English, the designations were: won - WHAN, nyan - YANG, pung - FUN. Instead of the taegeuk emblem, an image of a flower appeared on the coins, otherwise their design has not changed much. Three silver coins were issued - in 5 nyan, 1 won and 1 nyan, as well as copper in 5 pung, bronze in 1 pung and copper-nickel with a face value of 2 tons 5 pung (1/4 nyan). In 1897, Korea was proclaimed an empire, on the coins the hieroglyphic name of the country "Joseon" (朝鮮) or "Taejoseon" (Great Joseon, 大朝鮮) was changed to "Taehan" (Great Han, 大韓), this name is adopted in South Korea and in modern times, unlike North Korea, where the name "Joseon" remains. The hieroglyphs of the ruling era also changed, with 1897 being the first year of the Gwangmu (光武) era.

In 1901, trial coins were issued with a draft of a new coat of arms in the form of an imperial eagle: a silver half-won, a copper 5 chon and a bronze 1 chon (there were four more coins, but their fate is unknown). But the eagle, similar to both German and Russian, did not take root in Korea, and soon the dragon returned to coins (the similarity with the Russian eagle is easily explained, since these coins were minted by the Russian-Korean Bank, which, however, existed for a very short time, a little more two months - ed.). The issue of 1901, or Gwangmu 5, became a numismatic rarity, and only a few copies are now kept in Korean museums (although the coins were issued in 1901, the years on them are different, so that issue included coins of 3, 5 and 6 years of the era Gwangmu, but coins of 3 years, most likely, have not been preserved).

In 1902, the gold standard was introduced, the reform was carried out again, 1 won became equal to 100 chon. Gold coins were minted in 20, 10 and 5 won, silver in 1/2 won, 20 and 10 chon, cupro-nickel in 5 chon and bronze in 1 and 1/2 chon. The fabulous phoenix bird appeared on the chons instead of dragons, and the inscriptions in English disappeared on the gold ones, otherwise the design has not changed. Won in English was now WON, and chon was CHON. In 1907, Emperor Gojong abdicated, his son Sunjong became emperor, and the era of "Yunhee" (융희, 隆熙) appeared on coins instead of the "Kwangmu" era.

After the annexation of Korea by Japan in 1910, the Bank of Korea in Seoul was renamed the Joseon Bank and until 1945. Korea's monetary system was under the control of the Japanese occupation authorities. In circulation were banknotes issued by the Joseon Bank, the Korean yen, equal to 100 sen, and Japanese yen. Korean yen was exchanged for Japanese yen at a ratio of 1:1. After the proclamation of the Republic of Korea, they continued to be used for some time. The first coins of the Republic of Korea, "hwans", were issued only on February 15, 1953.

The history of the development of the Korean economy

Foreign economic activity of Korea

It can be stated that today the Republic of Korea is on the threshold of hopes and serious trials. However, one must always remember that this country, despite the difficulties, is constantly working to create a new Korea, using a unique concept aimed at raising its political, economic, social and cultural potential to the level of developed nations. In all countries of the world, the foreign economic sphere is regulated by the state. The depth or severity of this regulation varies from country to country. However, one thing is common - the state protects its national economy, the economic interests of its exporters abroad, creates conditions for mitigating the impact on the national economy of the turbulent processes taking place in world markets.

Economy of South Korea

The basis of Korean foreign economic activity is a balanced approach to expanding the country's participation in foreign markets, the internationalization and liberalization of the national economy, trade differentiation, and active multilateral cooperation. Since 1986, having achieved the first positive balance of foreign trade payments in the country's history, South Korea has been pursuing a consistent policy of liberalizing its markets.

Currently, the country is implementing the principle of free trade in export-import operations. Any restrictions in this area are kept to a minimum. Moreover, the government is constantly taking additional measures to achieve a reasonable balance between the production of goods for export and for domestic consumption. Another important aspect of South Korea's foreign trade policy is the diversification of Korean foreign markets and sources of raw materials in order to reduce dependence on their traditional trading partners, primarily the United States and Japan. On the one hand, South Korea owes much of its success in exporting goods and achieving a positive balance in bilateral trade to the American market.

In 2012, the Republic of Kazakhstan pursued a rather active foreign trade and economic policy, which allowed, despite the continuing impact of negative factors caused primarily by the ongoing global financial crisis, to achieve significant economic results. According to the results of the past year, the trade turnover of the Republic of Kazakhstan exceeded 1 trillion. USD. At the same time, the main trade and economic partners for the Republic of Kazakhstan are the PRC, the USA, Japan and the EU countries.

In 2012, the RK-PRC trade turnover amounted to 215.1 billion US dollars, while the export of the Republic of Kazakhstan - 134.3 billion US dollars, the import of the Republic of Kazakhstan - 80.8 billion US dollars. The main South Korean exports to China were liquid crystal devices and their parts, petroleum products (middle distillates), microcircuits, cyclic hydrocarbons (xylenes), telephones and car kits. In turn, the ROK imported from China microcircuits, portable digital computers, digital control panels, liquid crystal devices, ferrous metal structures, telephone sets, printed circuits and wire sets used in motor vehicles.

Japan became the second foreign trade partner of the Republic of Kazakhstan, the trade turnover with which amounted to 103.2 billion US dollars (export of the Republic of Kazakhstan - 38.8 billion US dollars, import of the Republic of Kazakhstan - 64.4 billion US dollars). Japan is the only leading trading partner with which the ROK continues to have a significant trade deficit (in 2012 - 25.6 billion US dollars).

ROK imports from Japan ferrous scrap, petroleum products (middle distillates), polarizing material plates, xylenes, styrene, chemical industry products (petroleum sulfonates), cellulose acetate film, microcircuits and unalloyed steel flat products (thickness less than 3 mm). South Korean oil products (medium and light distillates), telephone sets, raw silver, semiconductor photosensitive devices, microcircuits, ferrous metal products are exported. The United States closes the "three" of the leading trading partners of the Republic of Korea with a volume of trade in the amount of 101.9 billion US dollars (exports of the Republic of Kazakhstan - 58.5 billion US dollars, imports of the Republic of Kazakhstan - 43.4 billion US dollars).

The Republic of Kazakhstan supplies the United States with passenger cars with an engine displacement of 1000 cc. see, telephone sets, petroleum products (middle distillates), automotive components for industrial assembly, floating platforms, computer components and tires. The United States exports microchips, civilian aircraft with an empty curb weight of more than 15,000 kg, as well as spare parts for aircraft and helicopters, bituminous coal, soybeans, xylenes, ferrous scrap, catalysts to the Republic of Kazakhstan.

Other major foreign trade partners of the Republic of Kazakhstan include Saudi Arabia (bilateral trade turnover of 48.8 billion US dollars), Hong Kong (34.7 billion US dollars), Singapore (32.6 billion US dollars), Australia (32 .2 billion), Indonesia ($29.6 billion), Taiwan ($28.8 billion), Qatar ($26.2 billion) and Germany (25.1 billion US dollars).

Automobile production in Korea

Export of the Republic of Korea

The recession in the Eurozone countries, as well as the strengthening trend of the South Korean won in the second half of 2012, led to a reduction in the volume of South Korean exports, which decreased by 1.3%, or 7.1 billion US dollars, compared with the previous year. year and amounted to 548.1 billion US dollars. The rise in the South Korean won caused an increase in export prices and a general decline in the competitiveness of South Korean manufacturers. During 2012, the national currency appreciated against the US dollar by 7.6% and against the Japanese yen by 19.6%.

At the same time, the appreciation of the won had a positive impact on the current balance of payments of the country, which, following the results of 2012, was reduced to a surplus, reaching the level of 43.25 billion US dollars. In addition to a strong currency, an important role was played by the increase in foreign orders received by South Korean construction companies. For the first time in 14 years, a surplus was also achieved in the services sector, exceeding $2.5 billion (in 2011, a deficit of about $6 billion was recorded). Under the influence of the low exchange rate of the dollar and the inflow of capital from abroad, the foreign exchange reserves of the Republic of Kazakhstan at the end of 2012 reached another maximum, amounting to 326.97 billion dollars.

United States (according to this indicator, the Republic of Korea currently ranks seventh in the world). Consumer activity grew by 1.8%, which is two times lower than the previous year. The unemployment rate at the end of 2012 was 2.9% (737 thousand people), having decreased by 0.2% compared to the previous year. Thus, the Trade Representation of the Russian Federation in the Republic of Korea notes that in 2012 the economy of the Republic of Korea was developing against the backdrop of deepening global crisis phenomena.

Cooperation between South Korea and Russia

At the same time, the trade and economic policy of the Republic of Kazakhstan continues to be aimed at comprehensive support of national exports, further integration into the world economy, strengthening and development of the domestic market, weakening the energy and raw material dependence of the country. The South Korean export volume in the metallurgical industry in 2012 compared to December 2011 increased by 7.5%. The Republic of Korea is one of the world's leading countries in the production of stainless steel products.

Republic of Korea import

According to South Korean customs statistics, export and import indicators of the Republic of Kazakhstan decreased for the first time since the crisis year of 2009. Imports, under the influence of low domestic demand, decreased by 0.9% and amounted to 519.6 billion US dollars. Despite the noted decrease, the volume of trade exceeded the mark of 1 trillion for the second year in a row. US dollars, amounting to 1.07 billion US dollars (a decrease of 7.1% compared to 2011).

Economic Summit in South Korea

The agricultural sector of the Republic of Kazakhstan in 2012 retained the main development trends of recent years, among which it is necessary to note such trends as a gradual decrease in the population employed in the agricultural sector and increased competition from imported products (especially taking into account the existing free trade agreements with Chile, USA and ASEAN). Analyzing the dynamics of agricultural development, first of all, it should be noted a slight increase in agricultural areas compared to the previous year. At the same time, the area of ​​dry fields increased by 2.8% compared to the area of ​​fields suitable for growing rice, the main agricultural crop in South Korea.

Korea imports mainly raw materials and (which is not very advertised) technologies. Korea completely lacks its own energy sources, so all oil and gas in the country are imported. Korea, despite its small size, is the fifth oil importer in the world! In 2001, oil accounted for 15% of all Korean imports in value terms. Oil is followed by gas - approximately 3% of all imports. A significant part of coal is also imported, including all coking coal, without which Korean metallurgy cannot work. It is coking coal that is the third most important import item. Finally, about half of the iron ore needed by the country, as well as timber and other types of raw materials, are imported into Korea.

In terms of foreign trade, 2001 was not the best year for Korea, in contrast to the very successful year 2000. Last year, prices for some Korean exports fell significantly - primarily steel and semiconductors. A significant role here was played by the events of September 11, which negatively affected the US economy - Korea's main trading partner, as well as the difficulties experienced by the largest developed economies in the second half of the year. Therefore, Korean exports in 2001 increased by only 0.7% compared to 2000 - the most modest result since 1989. High oil prices have created many problems for Korea, which have been holding on for quite a long time (much to the delight of Russia). At the same time, the foreign trade balance, despite all the difficulties, remained positive, that is, exports exceeded imports: in 2001, Korea sold goods worth 8.4 billion dollars. more than I bought.

Peculiarities of monetary circulation in Korea

The Korean Won is very interesting in terms of the dynamics of the exchange rate. It belongs to freely convertible state currencies and has been freely circulating in the world since 1997. Prior to this, its rate was strictly regulated by the state. From the moment when the currency was released into free float on the financial market, its value has decreased significantly, which was associated with the crisis that befell all the Eastern states in the late nineties and early 2000s. Until now, 1 Korean won in rubles is worth less than one (the exchange rate at the end of 2013 was about 0.03).

Naturally, this ratio does not suit the Korean government. Now in circulation in the Republic of Korea, denominations of up to 10,000 won are in circulation. High inflation leads to the fact that checkbooks and bank cards have become the most popular way to pay for goods and services in Korea. It is simply inconvenient for people to use the national currency, putting bundles of banknotes in their pockets. However, the government is not going to carry out the denomination. Among the ways to solve this problem, it is proposed, first of all, to issue banknotes with a large denomination, which would reduce the number of banknotes in settlements.

In relation to the ruble, the won is a fairly stable currency, the exchange rate of which depends largely on the value of the US dollar, but is not a complete copy of the behavior of the US national currency. At the end of 2013 and the beginning of 2014, the exchange rate in the pair 1 ruble 1 Korean won fluctuated between 0.0308 and 0.0313. You can find out what exchange rate of the Korean won against the ruble is currently set by the Russian Central Bank on this page. The table shows the official data.

There are banknotes of 50,000, 10,000, 5,000 and 1,000 won (often referred to simply as "chon", which means "thousand") and coins of 500, 100, 50 and 10 won (coins of 5 and 1 won are now practically are not used and are withdrawn from circulation after the denomination of 2009). Banks are open on weekdays from 9.30 to 16.30, on Saturday until 13.30. Day off - Sunday. ATMs are open from 9.30 to 22.00, and some - around the clock. Money can be exchanged at banks, specialized exchange offices and large hotels. US dollars are accepted in many small shops and in the market on a par with local currency, however, in department stores and large stores, dollars are not accepted at all.

VISA, American Express, Diners Club, Master Card and JCB credit cards are accepted everywhere. Traveler's checks can only be cashed at banks or offices of major international transport and travel companies. Bank checks are also used in denominations of 100,000 won or more, however, when paying with them, you need to indicate your passport number, address and phone number in Korea on the back, so if you do not have a residence permit, it is almost impossible to pay with checks.

Value Added Tax (VAT, 10%) is included in the retail price of all goods and services. Many international hotels and some large restaurants add VAT to the bill automatically, and additional local taxes are also charged. At the same time, many essential items and souvenirs are sold tax-free.

What is value added tax?

Single store purchases over KRW 30,000 (approximately $27.0) in one day are eligible for a VAT refund. To do this, you need to get a Tax-free Shopping Check at the store (a passport is required), according to which, when leaving the country, you must pay VAT at the bank at the airport or at the checkpoint, or stamp it at customs. If it was not possible to receive money upon departure, after crossing the border or upon returning home, the form with a seal must be sent by mail to receive a refund in non-cash money to the bank card you specified.

The influence of the Central Bank of Korea on the Korean won

Over the past 30 years, government pressure has forced banks to lend to risky industrial projects, which has led to an accumulation of outstanding debts. According to the Central Bank of South Korea, the total amount of bad and doubtful loans from Korean banks by the end of 1997 amounted to $51.2 billion, but in reality it could be four times more, since loans granted in the mid-1980s and are not declared invalid, although they have not been fully returned. According to Peregrine bank experts, this figure has reached $92 billion, or 30% of all loans issued.

While encouraging direct financing of large industrial groups in international markets, the government at the same time limited the size of these groups' loans from domestic banks, recommending the mobilization of capital in open financial markets in order to direct more funds to lending to small enterprises. All of this made banks increasingly dependent on risky small businesses that had experienced a record number of bankruptcies.

In 1991, under the conditions of deregulation of interest rates initiated in the country, competition in the credit market increased and the interest margin of banks decreased. Therefore, in order to increase their income, banks began to trade in securities: the share of the latter in the total assets of Korean banks increased by mid-1995 to 13.7% compared with 8.2% in 1991. In general, despite certain costs of the transition period, the direction of the process of changes in the banking system of South Korea on the eve of the crisis can be defined as progressive. The banking system was universalized, and there was a tendency to reduce state intervention, which should have allowed banks to make decisions based mainly on the possibility of extracting market profits.