Converting 10 Billion Won to USD in 1987: A Historical Exchange Rate Analysis
The South Korean won has undergone significant changes in value over the years, influenced by various economic and political factors. In 1987, the exchange rate between the Korean won and the US dollar was quite different from what it is today. In this article, we'll explore how much 10 billion won was worth in USD in 1987.
The Exchange Rate in 1987
According to historical exchange rate data, in 1987, the average exchange rate was around 850 Korean won to 1 US dollar. This means that 1 USD was equivalent to approximately 850 KRW.
Converting 10 Billion Won to USD in 1987
Using the average exchange rate of 1987, we can calculate the equivalent value of 10 billion won in USD as follows:
10,000,000,000 KRW ÷ 850 KRW/USD ≈ 11,764,705.88 USD
So, in 1987, 10 billion Korean won was equivalent to approximately 11.76 million US dollars.
Context and Significance
The year 1987 was a significant time for South Korea, marked by rapid economic growth and industrialization. The country's economy was growing at an average annual rate of 9%, earning it the title of one of the "Four Asian Tigers" along with Hong Kong, Singapore, and Taiwan.
The won's exchange rate was managed by the government, and the currency was heavily controlled. However, the government began to loosen its grip on the currency in the late 1980s, leading to increased trade and investment flows.
Conclusion
In conclusion, 10 billion Korean won in 1987 was equivalent to approximately 11.76 million US dollars. This conversion provides a glimpse into the economic landscape of South Korea during that time, marked by rapid growth and industrialization. The exchange rate has fluctuated significantly since then, influenced by various economic and political factors.
