UK Accounting Glossary
KRW is the three-character currency abbreviation for the South Korean Won based on the ISO-4217 standard codes. KRW is the official currency of the Republic of Korea. The common usage symbol for the KRW is W or W. The Bank of Korea is the government institution that issues the KRW. The KRW does not divide into smaller units, therefore the smallest unit of the KRW is 1 won. The KRW is considered a major currency in Asia and is actively traded in the international currency markets. The value of the KRW “floats” against other currencies. That is, market forces determine the value of the KRW. Therefore, the KRW is easily convertible into other currencies. The approximate conversion value (in late 2005) for the KRW in US dollars is KRW 1,000+ to USD 1.
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This glossary post was last updated: 10th February 2020.