North Korean Won (KPW) 2025: Current Value, Economy Insights, and Currency Facts

Katrina Ávila Munichiello brings over fourteen years of expertise as an editor, writer, fact-checker, and proofreader for both print and digital media.

What Is the North Korean Won (KPW)?

The North Korean won, abbreviated as KPW and symbolized by ₩, serves as the official currency of the Democratic People's Republic of Korea (North Korea). Managed exclusively by the country's central bank, this currency is unique due to its blocked status, meaning it cannot be freely exchanged or traded on international forex markets.

Banknotes range from ₩5 to ₩5,000, and the won is subdivided into 100 chon. Coins are issued in denominations from 1 to 50 chon, as well as ₩1. This strict currency control reflects North Korea’s isolated economic stance.

Key Highlights

• The North Korean won (KPW) is North Korea’s official currency.
• It uses the symbol ₩ and is issued by the Central Bank of the DPRK.
• Banknotes come in denominations from ₩5 up to ₩5,000.
• Coins range from 1 chon to 50 chon and include ₩1 coins.
• The KPW is a blocked, non-convertible currency, restricting free trade in global forex markets.

Deep Dive: Understanding the North Korean Won

The won is printed in various denominations including ₩5, ₩10, ₩50, ₩100, ₩200, ₩500, ₩1,000, ₩2,000, and ₩5,000 notes. The subdivision into chon (1/100 of a won) is reflected in coinage minted in 1, 5, 10, and 50 chon, alongside ₩1 coins.

The Central Bank of the Democratic People's Republic of Korea oversees issuance and monetary policy, managing national revenue and capital distribution to government agencies. It also supervises state banks like the Bank of Trade, which handles foreign currency transactions.

Due to its blocked currency status, the KPW cannot be freely exchanged internationally. However, a special convertible won exists for foreign visitors, facilitating limited currency use within North Korea.

Quick Fact

As of mid-2022, the exchange rate stood around 900 KPW per 1 US dollar.

Noteworthy Currency Events and Policies

In November 2009, North Korea executed a significant currency revaluation aimed at controlling inflation and curbing black market activities. The revaluation drastically reduced the value of existing won holdings to just 1%, effectively erasing 99% of personal savings and triggering widespread economic disruption.

Unique monetary decisions also reflect state control, such as the 2001 removal of the official exchange rate pegged at 2.16 won per US dollar, reportedly due to its association with former leader Kim Jong-il’s birthday.

Overview of the North Korean Economy

Reliable data on North Korea’s economy is scarce, but estimates indicate a GDP growth of approximately 0.4% in 2021, with a total GDP near $16.33 billion.

Historically, Korea was an independent kingdom before Japanese annexation from 1910 to 1945. Following World War II, the peninsula was divided between Soviet and American occupation, leading to the Korean War (1950–1953) and the subsequent isolation of North Korea.

North Korea operates a centrally planned, command economy typical of communist states, where government agencies control production, pricing, and distribution of goods.

Economic hardships have increased poverty and civil unrest. In response to food shortages, limited market activities were permitted starting in 2002 but were later suppressed through currency reforms to maintain regime control, plunging the country into deeper economic challenges.

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