GBP to KRW Exchange Rate

Ah, Korea: Where else can you indulge in kimchi, visit the oldest astronomical observatory in Asia, and shop at some of the world’s largest malls?

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What influences the GBP/KRW exchange rate?

The monetary policy of the Bank of Korea is focused on inflation targeting. The Bank of Korea works on setting mid-term inflation targets. An inflation target may be set for a two year period, but the Board may adjust their target if unexpected economic changes occur abroad or at home.2

 

Korea follows a free-floating exchange rate system. Therefore, the GBP/KRW exchange rate may fluctuate based on demand for primary exports like integrated circuits. The pound sterling is likely to experience volatility during and after Brexit.

 

KRW exchange rates against currencies other than the USD are “arrived at by arbitrating between the USD rates of foreign currencies in the international markets and the basic exchange rate of the KRW against the USD.”3

GBP/KRW Snapshot

“South Korea is the third largest market in Asia/Oceania for UK exports (excluding the transport hub of Hong Kong) and the 13th worldwide overall.” – UK Department for International Trade4

 

  • In 2015, Korea was ranked 11th in GDP, while the United Kingdom ranked 5th.5

  • South Korea’s top exports include refined petroleum, passenger and cargo ships, LCDs, integrated circuits, and cars. Its top imports include petroleum gas, crude petroleum, integrated circuits, coal briquettes, and refined petroleum.6

  • In 2014, South Korea was the 5th largest exporter and the 9th largest importer in the world, while the United Kingdom was the 9th biggest exporter and 5th biggest importer.6,7

  • Following Brexit, South Korea seeks a new free trade deal with the UK.8

 

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Currency Name: Korean Won

Currency Code: KRW

Currency Symbol:

Central Bank: Bank of Korea

Countries Used In: Republic of Korea

Major Unit: One Won

Minor Unit: One Jeon = 1/100 of a Won

Note Denominations: ₩1,000, ₩5,000, ₩10,000, ₩50,000

Coin Denominations: ₩10, ₩50, ₩100, ₩500

 

KRW to GBP exchange rate analysis. Check out our daily market analysis to learn the factors influencing the KRW to GBP exchange rate today.

Sources:

  1. https://www.factretriever.com/south-korea-facts
  2. http://www.bok.or.kr/broadcast.action?menuNaviId=1612
  3. http://www.bok.or.kr/broadcast.action?menuNaviId=690   
  4. https://www.gov.uk/government/publications/exporting-to-south-korea/exporting-to-south-korea
  5. http://databank.worldbank.org/data/download/GDP.pdf
  6. http://atlas.media.mit.edu/en/profile/country/kor/  
  7. http://atlas.media.mit.edu/en/profile/country/usa/
  8.  http://www.express.co.uk/news/world/688053/South-Korea-post-brexit-UK-trade-deal-Government-Australia-Canada-Germany-New-Zealand