{"id":44905,"date":"2020-05-19T12:07:18","date_gmt":"2020-05-19T03:07:18","guid":{"rendered":"https:\/\/www.dailynk.com\/english\/?p=44905"},"modified":"2026-04-05T15:39:57","modified_gmt":"2026-04-05T06:39:57","slug":"fluctuating-exchange-rates-cause-headaches-business-people-north-korea","status":"publish","type":"post","link":"https:\/\/www.dailynk.com\/english\/fluctuating-exchange-rates-cause-headaches-business-people-north-korea\/","title":{"rendered":"Fluctuating exchange rates cause headaches for N. Korea&#8217;s business people"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">North Korea\u2019s exchange rates have been fluctuating wildly from day to day as the country\u2019s border with China remains closed, Daily NK has learned.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe haven\u2019t seen exchange rate fluctuations like this since before the 2010s,\u201d a South Pyongan Province-based source told Daily NK on Monday. \u201cCurrency brokers are facing fluctuations in currency exchange rates that rise and fall over just days.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fluctuations in the exchange rate between the North Korean won and the US dollar are making their way across the country, according to the source. In Pyongsong on May 5, for example, one USD started trading at KPW 8,150 but then rose to KPW 8,500 before suddenly falling back down to KPW 7,500 &#8211; all in the course of one day.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now, one USD is equal to KPW 8,400 in the city, which is about KPW 1,000 more than the selling price in late April, the source said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When the North Korean state adopted a new set of currency reform measures on Nov. 30, 2009, one USD, which had been selling for KPW 3,800, suddenly began selling for just KPW 130.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The exchange rate between the USD and KPW gradually stabilized over the two years following the implementation of the currency reform measures in 2009. By 2011, one USD was selling for KPW 4,000-5,000 and by mid-2014 one USD was equal to around KPW 8,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The closure of North Korea\u2019s borders in late January, however, has led to comparatively wild fluctuations in the exchange rate as well as in commodity prices.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cEven ordinary sellers who have long conducted relatively stable transactions in foreign currency are now afraid of losses because of dramatic fluctuations in the exchange rate,\u201d the source told Daily NK. \u201cRecently, the changes have been so frenzied that it\u2019s not exaggerating to say that the prices in the afternoon will be different from the prices in the morning.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWholesalers at the Pyongsong Market whose main patrons are other wholesalers throughout the country are complaining about the impact of the fluctuations in the exchange rate,\u201d continued the source. \u201cThere are such major changes in the exchange rate between when wholesalers receive goods and then pass them along to retailers that uncertainty prevails.&#8221;\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Citing exchange rate fluctuations of around KPW 1,000 in the past, some people reportedly do not believe that the fluctuations are a big deal. Yet, \u201cmost people think that we can\u2019t sit idly by because the prices of imported goods are [also] increasing,\u201d the source said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe damage done to businesses due to the exchange rate [fluctuations] and the increase in commodity prices are making things difficult for those who deal with transactions in foreign currency,\u201d he added.<\/span><\/p>\n<p><em>*Translated by Violet Kim<\/em><\/p>\n<p><i>Please direct any comments or questions about this article to dailynkenglish@uni-media.net.<\/i><\/p>\n<p><em><a href=\"https:\/\/www.dailynk.com\/%EB%AC%BC%EA%B0%80%EB%8F%84-%EC%B9%98%EC%86%9F%EB%8A%94%EB%8D%B0-%EC%9E%A6%EC%9D%80-%ED%99%98%EC%9C%A8-%EB%B3%80%EB%8F%99%EC%9C%BC%EB%A1%9C-%E5%8C%97-%EC%9E%A5%EC%82%AC%EA%BE%BC%EB%93%A4-%EB%B6%88\/\">Read in Korean<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>North Korea\u2019s exchange rates have been fluctuating wildly from day to day as the country\u2019s border with China remains closed, Daily NK has learned. \u201cWe haven\u2019t seen exchange rate fluctuations like this since before the 2010s,\u201d a South Pyongan Province-based source told Daily NK on Monday. \u201cCurrency brokers are facing fluctuations in currency exchange rates [&hellip;]<\/p>\n","protected":false},"author":145,"featured_media":42954,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wikipediapreview_detectlinks":true,"footnotes":""},"categories":[67,645],"tags":[100,696,714,1098],"class_list":["post-44905","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-economy","tag-markets","tag-north-pyongan-province","tag-economy","tag-pyongsong"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fluctuating exchange rates cause headaches for N. 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