North Korea sharply revalues its currency exchange rate between old and new currencies is 100 to 1


North Korea has revalued its currency by a factor of 100, causing chaos on the streets of Pyongyang.

By Malcolm Moore, in Shanghai
Published: 12:29PM GMT 01 Dec 2009


In an alleged bid to curb inflation and suppress its growing black market, North Korea implemented a currency revaluation on Monday, according to Yonhap, the South Korean news agency.

The exchange rate between old and new currencies is 100 to 1, with the old denomination of 1,000 won notes being replaced by 10 won notes

It is the first time in 17 years that the hermit kingdom has revalued

its currency and the effect in the capital was instant. "Many people were taken aback and confused," said one source to Yonhap. "Those were were worried about their hidden assets rushed to the black market to swap them for dollars or Chinese yuan. The yuan and the dollar jumped," he added.

"When the news spread in the jangmadang (markets), people panicked," reported the Daily NK newspaper, quoting a source in the North Eastern province of North Hamkyung. Another source, in the Western city of Sinuiju, on the border with China, told the paper: "Traders gathered around currency dealers. Chaos ensued when currency dealers tried to avoid them."

A spokesman at the British embassy in Seoul said that North Korea had given verbal notice to foreign missions in Pyongyang on Tuesday and that it was already hard to use the old notes. "We have heard from the British embassy in Pyongyang that it has become difficult to exchange North Korean currency in shops in Pyongyang since yesterday," he said.

Officially the North Korean won trades at 135 to the US dollar.

However, in practice, the won trades at between 2,000 and 3,000 and can spike above 20,000 if there is a shortage of dollars on the market.

The North issued new banknotes in 1949, 1959, 1979 and 1992 but the denominations remained unchanged except in 1959 when new notes were exchanged for old at a 100-to-1 rate in the wake of the Korean war.

While the main aim of the revaluation may be to curb inflation, there was also speculation that the North Korean government wanted to flush out funds from the underground economy.

Yang Moon-soo, an economics professor at the University of North Korean studies in Seoul, said the North Korean government wanted to discover and question any citizens who have amassed wealth.

"The government will be able to retrieve banknotes that people have stashed in their own coffers," he said. "There will be less cash circulating in the market and more government control of the people,"he added.





http://www.telegraph.co.uk/news/worldnews/asia/northkorea/6700341/N...

Views: 51

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega posted blog posts
12 hours ago
Burbia posted a blog post

Former President Trump?

When was this article written? It is attributed to Victor Davis Hanson. He is a Fellow at Hoover…See More
yesterday
Doc Vega posted a blog post

Don’t Go Hunting For Bigfoot

It is October 19, 2019 at 5:46 AM. This will be the last time any visual evidence of Mark is seen…See More
yesterday
tjdavis posted a video

Most Corrupt Series: Elizabeth Warren | Forgotten History

Elizabeth Warren has built her reputation as a "reformer", but her political career has also drawn sharp criticism. Questions have been raised about her fina...
Saturday
Doc Vega commented on Doc Vega's blog post Ashrams and Moonies Perfect Case for Mind Control
"less prone, Thanks for your support Buddy! "
Thursday
Doc Vega posted a photo

main-thumb-ti-6724328-100-cnsgqkrgkrhyeyyerazynmuwoplecnbx

When will they put Trump on Mt. Rushmore?
Thursday
Doc Vega's 4 blog posts were featured
Thursday
Burbia's blog post was featured

Charlie Kirk Assassination

September 10th 2025 in Utah Turning Point USA CEO has been assassinated. Coincidentally,  answering…See More
Thursday
Charles Magus's blog post was featured

FURTHER PROOF OF WALK-INS! Prisoners of the Dulce Base by Sherry Shriner

There is a real connection between the Cabal and what is happening at this Undergroung…See More
Thursday
Less Prone favorited Doc Vega's blog post Ashrams and Moonies Perfect Case for Mind Control
Thursday
Less Prone commented on tjdavis's blog post Sentient World Simulation
"Cannot open the link"
Thursday
Tina Sullivan is now a member of 12160 Social Network
Sep 18
Doc Vega posted blog posts
Sep 17
Sandy posted a video

We’re cooked

We’re cooked
Sep 17
Sandy posted a photo
Sep 17
tjdavis posted a video

Tom Horn discusses Masonic view of 2025

Startling perspective by Tom Horn of the upcoming year: 2025
Sep 16
cheeki kea posted a photo
Sep 16
cheeki kea commented on Doc Vega's blog post Grooming the New Generation of Assassins
"It's a distressing state of affairs when evil leftists hardwire impressionable students and…"
Sep 16
Doc Vega commented on Doc Vega's blog post This Memorable Anthem Given by Nick Freitas Hit the Nail on the Head Please Listen!
"Burbia Charlie Kirk's wife is a real firebrand! God bless that poor woman! "
Sep 15
Doc Vega commented on Doc Vega's blog post This Memorable Anthem Given by Nick Freitas Hit the Nail on the Head Please Listen!
"Burbia thanks for the videos! "
Sep 15

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted