KPW

The Korean People's Won (KPW) is the currency of the Democratic People's Republic of Korea (North Korea). Its ISO 4217 code is KPW, and it is issued by the country’s central bank. The won is subdivided into 100 chon, though chon coins are rarely used in everyday transactions and prices are typically quoted in won. Banknotes and coins have appeared in various denominations over the years, with higher-value notes circulating alongside smaller ones.

The KPW has undergone several formal reforms since its introduction in the late 1940s. Notable changes have included currency restructurings intended to curb inflation and to tighten monetary controls. A widely reported reform in 2009 revalued banknotes and tightened exchange rules, with effects on how money circulates in the domestic economy and in the state’s control over currency.

In practice, North Korea maintains a tightly controlled monetary system. Official exchange rates are set by the state, and conversions between the KPW and foreign currencies are limited and regulated. Foreign currencies, when used, typically circulate in official or semi-official channels and, in some markets, alongside the domestic won. The KPW is not freely traded on international currency markets, and public information about its value and money supply is limited due to the country’s restricted economic transparency.

The KPW remains the standard medium of exchange within North Korea, but economic activity is characterized by a high level of state control, sanctions-related constraints, and a substantial portion of activity conducted outside formal monetary channels.