North Korean won
The won (; , ; symbol: ₩; code: KPW) or Korean People's won is the official currency of North Korea. It is subdivided into 100 "chon". The won is issued by the Central Bank of the Democratic People's Republic of Korea, based in the capital city, Pyongyang.
North Korean won
Since 2001, the North Korean government has abandoned the iconic rate of 2.16 won to the dollar (which is said to have been based upon Kim Jong-il's birthday, February 16) and banks in the country now issue at rates closer to the black market rate. More recent official rates have shown the North Korean won () to be ₩129.559 to the US dollar. However, rampant inflation has been eroding the North Korean won value. A report by defectors from North Korea claimed that the black market rate was ₩570 to the Chinese yuan (or about ₩4,000 per U.S. dollar) in June 2009. As of December 6, 2018, xe.com, a website that publishes mid-market currency exchange rates, lists the exchange rate at ₩900.073 to US$1.00.