North Korea’s foreign currency exchange rate rises to an all-time high… Currency Exchange Rumors Impact?

Recently, foreign currency exchange rates in North Korea are showing an unprecedented rise. The price of won and dollar exceeded 15,000 won per dollar.

As a result of NK Times’ investigation of North Korea’s foreign currency exchange rate from the 15th of last month to yesterday (1st), it was found that in areas such as Pyongyang, Pyongsong, Sariwon, Hamheung and Hyesan, the exchange rate rose from 14,000 won to the dollar (as of June 13) to the 15,000 won range recently. .

This is an increase of approximately 7% from last month and is the highest ever increase. The Yuan exchange rate also rose from 1,950 won to 2,200 won in the middle of last month, a surge of about 13%.

In fact, in Hyesan City, Ryanggang Province, the dollar has risen from 14,600 won to 15,200 won since the 24th of last month, and the yuan has risen from 1,950 won to 2,260 won.

This phenomenon of rising foreign currency exchange rates also occurred in Hoeryeong and Chongjin in North Hamgyong Province.In the case of Hoeryeong City, since the middle of last month, the dollar has risen sharply from 14,200 won to 15,200 won, and the yuan from 1,930 won to 2,200 won.

According to sources, the reason why the foreign currency exchange rate continues to rise in North Korea is because there were rumors of currency exchange this year, and these rumors have been circulating again recently.It is said that residents who experienced a bitter taste during the currency exchange in 2009 are focusing more on buying foreign currency rather than selling it.

In fact, as national smuggling is becoming more active in Ryanggang Province and other border areas between North Korea and China, the number of residents looking for dollars and yuan is increasing, but it is said that it is difficult to find foreign currency sellers. As a result, it is known that foreign currency exchange rates are rising and prices are rising.

In other words, the source explained that the foreign currency exchange rate continues to rise as the demand for foreign currency increases due to increased border smuggling and the shortage of foreign currency supply continues.

The source said, “During the ‘Arduous March’ and through the currency exchange in 2009, the price of money did not rise this much even during the Corona period. Some residents are anxious, asking, ‘Why is the price of money rising like this? Is something happening?’ “He said.

***This article was translated using Google Translate.