NK Times reports only facts that have been thoroughly confirmed by local sources in North Korea.

North Korea, dollar and yuan record-high rise… Exceeded the 14,000 won level

North Korea, dollar and yuan record-high rise… Exceeded the 14,000 won level

06/13/2024 11:32

Ryanggok (6) Sales Center, Namgang 2 District, Pohang District, Chongjin, Hamgyeongbuk-do, North Korea. (Photo = NK Times)

Recently, it was found that the dollar-yuan exchange rate in North Korea has risen to an all-time high. It exceeded 14,000 won per dollar.

According to the NK Times, a source inside North Korea, in Ryanggang Province, North Hamgyong Province, and North Pyongan Province, the price has soared to 14,040 won to the dollar and 1,950 won to the yuan since yesterday (12th). In particular, in Pyongyang, Sariwon, and Pyongsong regions, the price rose to 14,400 won per dollar.

Until early this year, demand for dollars and yuan was at an equal level in major North Korean cities. However, it is said that as exchanges between North Korea and Russia become more active, demand for dollars is rapidly increasing rather than for yuan.

As a result, the strength of the dollar, which began to rise around April, has recently reached its highest level, and the Yuan exchange rate has also reached an all-time high.

The reason for the rise in exchange rates is the internal and external situation, such as the recent distribution of leaflets against North Korea and waste balloons. In particular, the atmosphere within North Korea is growing as if war could break out at any moment. The analysis is that this is creating uncertainty in the North Korean economy and encouraging the exchange rate to rise.

It is known that this increase in exchange rates is having a direct impact on food prices. As of yesterday afternoon, in areas such as Pyongyang, Sariwon, and Pyongsong, 1kg of rice is sold for 7,150 won and 1kg of corn is sold for 3,650 won. On the other hand, in Ryanggang Province and North Hamgyong Province, rice is traded at an average of 3,500 won per kg. In addition, barley and barley rice were found to be sold at 2,900 won and 4,400 won per kg, respectively.

“The exchange rate has risen sharply due to the combination of the unstable political situation within us (North Korea) and external factors,” the source said. “This is having a significant impact on the livelihood of the residents.”

***This article was translated by Google and may differ from the Korean article.


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