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South Korean Won (KRW)

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Definition – What does South Korean Won (KRW) mean?

The South Korean won (KRW) is the official currency of South Korea. The won was one of many Asian currencies that were once pegged to the U.S. dollar. The won was allowed to float in the 1990s.

ForexTerms explains South Korean Won (KRW)

South Korea has often been compared to Japan in terms of its potential to become an industrial and technological powerhouse. However, after allowing the won to float, the country was hit by the Asian financial crisis. The won depreciated against major currencies, but has recovered since. The won can be volatile at times, partially due to the massive economic leaps South Korea has made and partially because of the delicate politics that arise due to its relationship with North Korea.

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