North Korea’s markets entered a period of relative stability shortly after Kim Jong Un assumed power in late 2011, following a prolonged period of inflation caused by the failed currency reform of 2009. 

That said, while exchange rates and food prices were relatively stable over the past decade, fuel prices proved to be more volatile up to the beginning of the COVID-19 pandemic due to sporadic sanctions enforcement from China. 

The COVID period, however, has seen the following developments: