The won (Korean:원; symbol: ₩; code: KRW) or the Korean Republic Won is the currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates. The won is issued by the Bank of Korea, based in the capital city, Seoul. The official currency of North Korea, issued by the Central Bank of the Democratic People's Republic of Korea which is based in its capital city, Pyongyang, is divided into the same number of units, and is known as the North Korean won.