The South Korean won (symbol: ₩; ISO 4217 code: KRW) has been the currency of South Korea since 1962, replacing the hwan which had been used from 1953 to 1962. The main institutions managing the won date from this period . The central bank is the Bank of Korea, founded on June 12, 1950, replacing the Bank of Joseon. Banknote printing and coin manufacturing are the responsibility of KOMSCO, a government enterprise founded on October 1, 1951. As of August 25, 2021, 1,371 won is required for 1 euro; as of August 2021, annual inflation was estimated at 1.9%.