The North Korean monetary system is a source of much confusion for visitors to the country. The government maintains multiple exchange rates, usually prefers it if foreigners only use foreign currency, and generally very little is explained.

The system is far from user-friendly, but it has its own logic which actually makes sense – at least from the state’s point of view. NK Pro analysis indicates:

The old system from which the current one originates involved the use of Foreign Exchange Certificates (FECs; so-called “changed money”); There are now two systems, a foreign won and a