Seoul: North Korea implemented its first currency reforms in 1947 to strengthen its economic system, separate from that of the Soviet Union, and prevent the inflow of South Korean currency. The move marked a significant step in establishing an independent economic identity following the country's liberation from Japanese rule in 1945.
According to Yonhap News Agency, prior to this reform, North Korea had been using four kinds of bills issued by the Soviet military command. The currency reform was the first of four modifications conducted by North Korea, with the most recent occurring in 1992. The 1992 modification introduced new bills featuring images of the house where the nation's founder Kim Il-sung was born, alongside various natural scenes.
In 1977, the National Assembly of South Korea passed a bill confirming the country's territorial sea border, which extends 12 nautical miles. Five years later, in 1982, the government allowed Kim Dae-jung, then an opposition leader sentenced to death on sedition charges, to travel to the United States for medical treatment.
The 13th presidential election in 1987 saw Roh Tae-woo, a candidate from the ruling Democratic Justice Party, emerge victorious. Further political developments in 1994 included the National Assembly's ratification of a bill for South Korea's bid to join the World Trade Organization.
Notably, in 1996, a high court sentenced former Presidents Chun Doo-hwan and Roh Tae-woo to life imprisonment and 17 years in prison, respectively, for their roles in a 1979 coup. They were later released following a special presidential pardon. A year later, in 1997, South Korea removed the daily fluctuation band of dollar-won transactions, paving the way for foreign exchange liberalization.
In 2010, the Seoul High Court upheld a lower court's ruling against disgraced scientist Hwang Woo-suk, who was sentenced to 18 months in prison, suspended for two years, for fabricating research results and violating bioethics laws. Hwang had previously claimed significant breakthroughs in stem cell research in 2005.
Fast forward to 2022, Hanwha Group signed an agreement with Daewoo Shipbuilding and Marine Engineering Co. (DSME) to acquire a 49.3 percent stake and managerial control in DSME through a 2 trillion-won rights offering. In 2024, the Constitutional Court began judicial procedures for the impeachment trial of President Yoon Suk Yeol after the National Assembly passed an impeachment motion against him.