Currency in North Korea
A practical currency and money guide to travel, living and doing business in North Korea and the North Korean won (KPW).
What's in this North Korea currency guide:
What currency is used in North Korea?
The official currency of North Korea (country code: KP) is the North Korean won, with symbol ₩ and currency code KPW.
Things to know about the North Korean won
The North Korean won (KPW) is the official currency of North Korea, a country located in East Asia. Here are a few things to know about the North Korean won:
- The North Korean won is abbreviated as KPW and is divided into 100 chon.
- The Central Bank of the Democratic People's Republic of Korea is responsible for issuing and regulating the North Korean won.
- The exchange rate for the North Korean won is determined by the government and is not determined by supply and demand in the foreign exchange market.
- North Korea has a largely state-controlled economy and is known for its strict government control over the economy and trade. The country is isolated from the rest of the world, and there are significant restrictions on foreign investment and trade.
- The value of the North Korean won is not widely recognized outside of North Korea, and the currency is not widely traded on the international market. The value of the North Korean won is not transparent, and it is difficult to determine the true value of the currency.
Travel Ideas and Money Tips for North Korea
North Korea is a country that is notoriously difficult to visit, and as a result, there is very little information available for travelers and expats. The best way to learn about North Korea is to speak with someone who has been there, as they can give you first-hand advice on what to expect. Generally speaking, North Korea is a very closed off country, and travelers should be prepared for a very different experience than what they are used to.
Best things to do and see in North Korea
=== 1. See the Pyongyang Grand Theatre 2. Visit the Munsu Water Park 3. Go skiing at the Masikryong Ski Resort 4. Take a walk along the Taedong River 5. See the Pyongyang International Friendship Exhibition 6. Visit the Juche Tower 7. Take a tour of the Pyongyang Metro 8. Visit the Mausoleum of Kim Il Sung 9. Take a trip to Mount Paektu 10. Visit the Victorious Fatherland Liberation War MuseumTop Travel tips for North Korea
?1. Make sure you have a good travel insurance policy that covers medical evacuation in case you need to leave the country in a hurry.
2. North Korea is a cash-only society, so make sure you have enough US dollars to cover your expenses.
3. Be aware of the strict rules and regulations that you will need to follow while in North Korea.
4. Be respectful of the local culture and customs.
5. North Korea is a safe country to travel to, but keep in mind that it is still a communist dictatorship.
Expat Money & Business Guide to North Korea
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in North Korea.
Any laws in North Korea that foreigners should be aware of?
The following are laws in North Korea that foreigners should be aware of:
1. It is illegal to leave North Korea without the permission of the government.
2. It is illegal to possess or use drugs in North Korea.
3. It is illegal to possess or use firearms in North Korea.
4. It is illegal to engage in homosexual activity in North Korea.
5. It is illegal to engage in any form of religious activity in North Korea.
6. It is illegal to engage in any form of political activity in North Korea.
What is doing business like in North Korea?
The business climate in North Korea is very poor. There is very little foreign investment and the economy is highly centralized and controlled by the government. Economic growth is slow and the country faces many challenges.
How is the economy in North Korea?
The economy in North Korea is very poor. The country has a lot of natural resources, but most of the population is poor and does not have access to these resources. The government does not allow private enterprise, and does not allow foreign investment. The country has a central planning economy, and the government controls all aspects of the economy.
Managing your finances in North Korea
Here we list some key points for expats and businesses to consider when managing financial dealings in North Korea:
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Understand North Korean won currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the KPW exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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Use a local North Korean won bank account: A local KPW bank account can make it easier for you to manage your finances and pay bills while you are in North Korea. It may also be more convenient to use a local KPW bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in North Korea. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in North Korea. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in North Korea, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
USD/KPW – Market Data
The exchange rate of North Korean won (KPW), or the amount of KPW that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/KPW rate plus recent trend, chart, and historic rates.
| Date | USD/KPW | Change | Period |
|---|---|---|---|
15 May 2023 | 900.00 | no change | 2 Week |
28 Feb 2023 | 900.00 | no change | 3 Month |
29 May 2022 | 900.00 | no change | 1 Year |
30 May 2018 | 900.00 | no change | 5 Year |
31 May 2013 | 900.00 | no change | 10 Year |
03 Jun 2003 | 2.1996 | 40816.5% ▲ | 20 Year |
Compare North Korean won Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to North Korea or planning a trip or maybe living there, so will need to exchange and spend North Korean won.
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It is important to note that the exchange rate of the North Korean won can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect KPW exchange rates before making any financial decisions.
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