{"id":45659,"date":"2020-07-17T15:00:58","date_gmt":"2020-07-17T06:00:58","guid":{"rendered":"https:\/\/www.dailynk.com\/english\/?p=45659"},"modified":"2026-04-05T15:15:28","modified_gmt":"2026-04-05T06:15:28","slug":"provinces-ordered-increase-number-stores-accepting-foreign-currency","status":"publish","type":"post","link":"https:\/\/www.dailynk.com\/english\/provinces-ordered-increase-number-stores-accepting-foreign-currency\/","title":{"rendered":"Provinces ordered to increase number of stores accepting foreign currency"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">North Korean authorities recently issued an order to increase the number of stores accepting foreign currency operating nationwide in what appears to be an effort to absorb even more foreign currency circulating in the country.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIn mid-June, party and government agencies in areas outside of Pyongyang were informed by the central government that they were doing a poor job of managing [collecting] local [North Korean] and foreign currency held by locals, and were ordered to implement a more systematic form of management,\u201d a source in North Hamgyong Province told Daily NK on Tuesday.\u00a0<\/span><\/p>\n<p>ABSORB IT ALL<\/p>\n<p><span style=\"font-weight: 400;\">According to the source, the order stipulates that stores already accepting foreign currency, along with department stores, must now exclusively accept foreign currency during transactions. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The authorities also mentioned in the order that all provinces must increase the number of other stores accepting foreign currency to entice more people to buy products using foreign currency. The order included a <\/span><span style=\"font-weight: 400;\">directive that these stores include separate areas to spend local currency and foreign currency so that buyers &#8211; regardless of what currency they are using &#8211; can purchase products.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the source, the motivation behind the government\u2019s latest order is to absorb as much foreign currency held by people in the country as possible. North Korean officials have tried to collect foreign currency through various ways &#8211; sometimes even by force &#8211; in the past, but it appears that the government has now acknowledged the limitations of this approach and adopted a more practical plan of action.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWhile the authorities have tried to systematically collect foreign currency through the country\u2019s trade operations and foreign currency-earning companies, they haven\u2019t had a systematic plan to collect foreign currency from ordinary people for some time now,\u201d the source said. \u201cThe recent order is aimed at implementing a more effective way to absorb foreign currency now that more foreign currency is circulating in the country than local [North Korean] currency.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the goal of the new approach is to absorb foreign currency circulating in the country, the gradual marketization of the economy means that much of this currency goes into the pockets of the <em>donju<\/em>, the country\u2019s entrepreneurial class, the source further reported, adding, \u201cNorth Korean officials think that it will be difficult to absorb all of this foreign currency because of that, and the fact that there is currently a shortage of products [to sell] in the country.\u201d<\/span><\/p>\n<p>COMPLAINTS FROM BELOW<\/p>\n<p><span style=\"font-weight: 400;\">Daily NK understands that the government\u2019s move to collect more foreign currency by increasing the number of points of sale that accept foreign currency has led to a negative reaction from many people in the country. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some have even deemed the new plan as an \u201cunreasonable attempt to reduce the amount of money ordinary people have on hand.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Indeed, the source noted that \u201cmany North Koreans think that this is no more than an attempt to take their foreign currency\u201d and that the only result from all of this is a \u201csilent standoff\u201d between the \u201cmoney-hungry government\u201d and \u201cpeople struggling to survive.\u201d<\/span><\/p>\n<p><em>Please direct any comments or questions about this article to dailynkenglish@uni-media.net.<\/em><\/p>\n<p><em><a href=\"https:\/\/www.dailynk.com\/%EC%99%B8%ED%99%94-%EA%B3%A0%EA%B0%88%EB%90%90%EB%82%98%E5%8C%97-%EA%B0%81-%EB%8F%84%EC%97%90-%EC%99%B8%ED%99%94-%EA%B1%B0%EB%9E%98%ED%95%98%EB%8A%94-%EC%83%81%EC%A0%90-%EB%8A%98%EB%A0%A4\/\">Read in Korean<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>North Korean authorities recently issued an order to increase the number of stores accepting foreign currency operating nationwide in what appears to be an effort to absorb even more foreign currency circulating in the country. \u201cIn mid-June, party and government agencies in areas outside of Pyongyang were informed by the central government that they were [&hellip;]<\/p>\n","protected":false},"author":125,"featured_media":45660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wikipediapreview_detectlinks":true,"footnotes":""},"categories":[67,645],"tags":[100,930],"class_list":["post-45659","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-economy","tag-markets","tag-foreign-currency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v28.1) - 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