How COVID-19 is giving a boost to North Korea’s central bank



Analysis How COVID-19 is giving a boost to North Korea’s central bank Border controls have dampened demand for forex, increasing the won’s value and giving the bank greater leverage Harry Clynch December 17, 2021 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON NK News (Aug. 7, 2014) \| The North Korean won has strengthened against the dollar as a result of the country's strict border controls during the pandemic The North Korean Central Bank, long handicapped by ideological demands and Kim family loyalty above sound economic decision-making, appears to be well-positioned to claw back greater control over the domestic economy during the pandemic, even as it remains mostly cut off from foreign goods and currencies. The primary reason is that Kim Jong Un’s decision to all but seal his country’s borders for almost two years has led to a dramatic drop in demand for foreign currency. The North Korean Central Bank, long handicapped by ideological demands and Kim family loyalty above sound economic decision-making, appears to be well-positioned to claw back greater control over the domestic economy during the pandemic, even as it remains mostly cut off from foreign goods and currencies. The primary reason is that Kim Jong Un’s decision to all but seal his country’s borders for almost two years has led to a dramatic drop in demand for foreign currency. Become a member for less than $5.75 per week. Unlimited access to all of NK News: reporting, investigations, analysis 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

Analysis

How COVID-19 is giving a boost to North Korea’s central bank

Border controls have dampened demand for forex, increasing the won’s value and giving the bank greater leverage

Harry Clynch December 17, 2021

How COVID-19 is giving a boost to North Korea’s central bank

NK News (Aug. 7, 2014) | The North Korean won has strengthened against the dollar as a result of the country's strict border controls during the pandemic

The North Korean Central Bank, long handicapped by ideological demands and Kim family loyalty above sound economic decision-making, appears to be well-positioned to claw back greater control over the domestic economy during the pandemic, even as it remains mostly cut off from foreign goods and currencies.

The primary reason is that Kim Jong Un’s decision to all but seal his country’s borders for almost two years has led to a dramatic drop in demand for foreign currency.

Become a member for less
than $5.75 per week.

Unlimited access to all of NK News: reporting, investigations, analysis
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.

How COVID-19 is giving a boost to North Korea’s central bank

Become a member for less than $5.75 per week.

Start your day with the North Korea stories that matter most –

as selected by <img width="226" height="50" class="logo" src="https://www.nknews.org/wp-content/themes/nknews/images/header-logo.png" alt="NK News Logo">

One more step!

Trending

About the Author

Harry Clynch

Become a member for less
than $5.75 per week.

Start your day with
the North Korea stories that matter most –

as selected by