Exchange rate of the South Korean won (Korea) according to the Central Bank of the Russian Federation

Bank of Korea through monitoring of Masterforex-V traders

South Korean money. Story

Until the 19th century, barter in kind prevailed in Korean markets. Banknotes appeared and disappeared. Rice and pieces of fabric were used for barter.

During large trade transactions, eastern merchants paid in silver. For convenience, they used silver bars. Afterwards, this state adopted the experience of its Chinese neighbors, because in China coins have been in circulation since the first millennium BC.

Coins in South Korea were originally copper and three-gram coins. They had a square hole in the middle. On the sides there were hieroglyphs indicating belonging to the country. These coins cost the same as they weighed. For transportation, they were strung on a thread, and when calculated, beads made from coins weighed quite impressively.

The people of Korea did not appreciate the innovation. Soon, all townspeople and villagers returned to their usual natural exchange. In 1633, coins were reintroduced, but now they were minted from silver, giving the products real value.

Despite the fact that the new money took root in society, it was still constantly changed. South Korea has a long history of borrowing money from Mexico, Japan and China.

In the 20th century, money with an eagle engraving was in circulation. They were often compared to Russian rubles. After the end of Japan's colonial takeover, the Korean central bank printed the first banknotes featuring the current president, Syngman Rhee.

After the reform in 1953, people used coins with English and Korean symbols to pay. They were called "khwans". Then in 1962 the entire currency was converted into the current current format. Now it only has inscriptions in Korean. The name “won” itself originates from ancient Chinese characters for money. The same sign is pronounced differently in China and South Korea.

Loans from commercial banks in South Korea

In 2020, mortgage rates in South Korea fell to a minimum of 3%. This phenomenon is associated with a decrease in the long-term interest rate, which is the base rate for mortgage lending. But rates on loans up to 5 million won (up to $4,305) increased by several percentage points.

The reduction in loan rates for self-employed and small businesses is due to government assistance. Such loans are issued primarily through the Industrial Bank of Korea. The country's government intends to act as a guarantor for business loans totaling $550 million. This measure is aimed at stimulating entrepreneurs to hire new workers, increase salaries and reduce operating costs

Deposit rates are also falling. Until recently, the average rate was 1.75%; by the end of 2020, deposits were placed at an average rate of 1.55%.

Employment of the population of South Korea

The results for 2019 released by the National Statistical Office indicate that the total number of employed people was 26.82 million people. Compared to 2020, this is 97 thousand more.

The article “Work for foreigners in South Korea” will tell you how you can get a job in South Korea and what the wages are.

This growth is the lowest since 2009. Employment of the population of South Korea amounted to 60.7% of the total number of working-age residents and decreased by 0.1% over the previous year. The number of unemployed reached 1.73 million people or 3.8% of the working population. This is the highest value of this indicator since 2000.

In the last month of 2020 alone, the number of jobs in retail trade fell by 63 thousand, and in the manufacturing sector, due to the restructuring of a number of automotive enterprises and the decline in the shipbuilding industry, by 127 thousand. Against this background, the fact that unemployment among young people under 30 years of age decreased by 0.6% compared to 2020 and amounted to 8.6% is cause for cautious optimism.

According to government forecasts, the country's population will begin to decline in the next 7 years. And taking into account the fact that the labor resources of the eleventh economy in the world will become smaller every year, the prospects for the development of South Korea are not so rosy. Actually, this problem is relevant for 80% of the G20 countries.

Let us note one interesting point. It was said above that Japan has limited the supply of rare materials for the electronics industry to the Republic of Korea. The reaction of Korean residents to these measures was immediate: they called on their compatriots not only to boycott Japanese manufacturers, but also to refuse tourist trips to Japan.

But there are also examples of South Korea's trade relations with neighboring countries improving. Thus, in 2020, an increase in South Korean-Chinese trade turnover was recorded by 13.7%. At the same time, the volume of exports from the Republic of Korea to China amounted to $50.3 billion.

The best and largest banks in South Korea

The best and most reliable banks in South Korea are:

• Woori Finance Holdings is a holding company specializing in banking and financial services. It is the country's largest bank in terms of assets. The financial institution has existed since 2001; it was formed as a result of the merger of four commercial banks. Has more than 1100 branches. Website: www.woorifg.com/kor/main/index.do
• KB Financial Group is a Korean financial group that includes KB Kookmin Bank. Together with its subsidiaries, it provides commercial banking services to individuals, small and medium-sized enterprises. Clients have access to demand deposits, time deposits, corporate loans, consumer loans, credit cards, as well as brokerage services for futures transactions. Website: www.kbstar.com/
• Shinhan Financial Group is the first bank in Korea, established in 1897 as Hanseong Bank. Provides corporate, retail, investment banking, insurance, and brokerage services. It has 9 subsidiary banks and more than 1000 branches. Website: www.shinhan.com/

National banks

• Citigroup Korea

• Citibank Korea (027)

• Hana Financial Group

• Hana Bank (081)
• Korea Exchange Bank (005)
• KB Financial Group
• KB Kookmin Bank (004)

• Standard Graduate

• Standard Certified Korea (023)

• Shinhan Financial Group

• Shinhan Bank (088)

• Woori Financial Group

• Bank Woori (020)

Comparison of the key rate of 1.35% of the Bank of South Korea with the Central Banks of other countries of the world

The table shows that the Bank of South Korea's key interest rate of 1.25% is the same as in Thailand, higher than in the European Union (0%), but lower than in Hong Kong and New Zealand (2%).

South Korean won denomination

The monetary equivalent of Korea is as follows:

• Paper banknotes;
• Coins.

Banknotes are issued in 1000, 5000, 10,000 and 50,000 won. Coins are presented in the form of 1, 5, 10, 50, 100, and 500 won.

1 and 5 won coins are considered rare. To solve the problem, South Korea allows you to round up to the nearest 10 won. Soon these won will go out of circulation altogether, since they are no longer needed. And they only interfere with calculations.

Living and working in South Korea

Since October 2000, your humble servant has been living and working in South Korea. And every day more and more people pester me on ICQ and by mail with the same questions about working in South Korea. To be honest, I’m a little tired of answering the same thing every day several times. In this regard, I decided to write this wonderful document. Now I have where to send everyone with these questions =)

This document is in the writing stage and does not claim to be complete, objective or 100% truthful.

Information about the Korean Won (KRW)

The South Korean won is the official currency of the Republic of Korea.
In South Korea, the won currency appeared at the beginning of the twentieth century. Subsequently, it was exchanged for the Korean yen (Japanese banknotes with the stamp of the occupation authorities), and then for hwana. It was not until 1962 that the Korean won was reapproved. Previously, 1 won was equivalent to 10 hwan, which were withdrawn from circulation after some time. Now 1 won is equal to 100 chon, but the latter, being units of exchange, are not used in monetary circulation due to the depreciation of the Korean currency. The letter currency symbol is KRW. The digital code is 410. Currently, banknotes in circulation are 1,000, 5,000, 10,000, 50,000 won. In addition to them, there are also coins in denominations of 1, 5, 10, 50, 100, 500 won.

In 1997, after reaching an agreement with the IMF, the country adopted a free exchange rate regime. The aftermath of the major Asian financial crisis negatively impacted the won, devaluing it by half. The issuance policy is controlled by the Bank of Korea. The issue of banknotes and coins is carried out in the capital's National Mint.

The South Korean currency is one of the Forex instruments. Since the state has demonstrated stable economic growth for many years (with the exception of global crises), the monetary unit of the Republic of Korea is attractive to investors. This is clearly evidenced by the dynamics of the won exchange rate shown on the website alpari.com.

How to get a loan in South Korea

HIGHER EDUCATION SYSTEM IN SOUTH KOREA

Korea is one of the first places in the world in terms of the number of students among the population. Under the Education Law, all universities, both public and private, are supervised by the Ministry of Education and the Workforce Development Service. Regarding other matters, universities should be guided by the principles of the Korean Council of University Education. In Korea, there are the following types of educational institutions: colleges and universities (national, public and private); industrial universities; pedagogical institutes (national).