The South Korean won (KRW) is the official currency of South Korea, a country located in East Asia. The Bank of Korea is responsible for issuing and regulating the currency. The won is divided into 100 jeon. Banknotes are issued in denominations of 1,000, 5,000, 10,000, and 50,000 won, and coins are denominated in denominations of 1, 5, 10, 50, and 100 won.The South Korean economy is considered one of the most developed in Asia and is heavily export-oriented. The won's value is closely tied to the country's trade balance and the performance of its major trading partners, such as the United States and China. The won has generally been appreciating against the US dollar in recent years, as the South Korean economy has been growing at a faster pace than that of the United States.The South Korean won is not widely used outside of the country, but it is considered a "free-floating" currency, meaning that its exchange rate is determined by supply and demand in the foreign exchange market.
