In the North Korean economy, the almighty US dollar still reigns supreme



Columns In the North Korean economy, the almighty US dollar still reigns supreme Repeated currency reforms have eroded trust in the DPRK won, making foreign money essential for many transactions Andrei Lankov February 7, 2023 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON U.S. dollars at a Pyongyang trade fair on Sept. 25, 2017 \| Image: NK News North Korea has long allowed an unusual degree of private trade in foreign currency for a communist bloc country, and a new study has shone a light on just how common it is. South Korea’s central bank recently published a survey of North Korean refugees that deals with the payment systems in the North last year and found that nearly one in three defectors who remitted money to family in the DPRK sent dollars or yuan. Those sending cash to Pyongyang preferred dollars, while border city destinations were more likely to receive yuan. North Korea has long allowed an unusual degree of private trade in foreign currency for a communist bloc country, and a new study has shone a light on just how common it is. South Korea’s central bank recently published a survey of North Korean refugees that deals with the payment systems in the North last year and found that nearly one in three defectors who remitted money to family in the DPRK sent dollars or yuan. Those sending cash to Pyongyang preferred dollars, while border city destinations were more likely to receive yuan. Try unlimited access Only $1 for four weeks Unlimited access to all of NK News: reporting, investigations, analysis Year-one discount if you continue past $1 trial period The NK News Daily Update, an email newsletter to keep you in the loop Searchable archive of all content, photo galleries, special columns Contact NK News reporters with tips or requests for reporting Get unlimited access to all NK News content, including original reporting, investigations, and analyses by our team of DPRK experts. Subscribe now All major cards accepted. No commitments – you can cancel any time. © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. Get the Daily Update Start your day with the North Korea stories that matter most – as selected by And how should we address you in correspondence? One more step! Please check your inbox, for an email we just sent you, and click on the confirmation message in it to get subscribed to our Daily News Update. Trending

Columns

In the North Korean economy, the almighty US dollar still reigns supreme

Repeated currency reforms have eroded trust in the DPRK won, making foreign money essential for many transactions

Andrei Lankov February 7, 2023

In the North Korean economy, the almighty US dollar still reigns supreme

U.S. dollars at a Pyongyang trade fair on Sept. 25, 2017 | Image: NK News

North Korea has long allowed an unusual degree of private trade in foreign currency for a communist bloc country, and a new study has shone a light on just how common it is.

South Korea’s central bank recently published a survey of North Korean refugees that deals with the payment systems in the North last year and found that nearly one in three defectors who remitted money to family in the DPRK sent dollars or yuan. Those sending cash to Pyongyang preferred dollars, while border city destinations were more likely to receive yuan.

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In the North Korean economy, the almighty US dollar still reigns supreme

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