{"id":46914,"date":"2020-11-06T13:56:47","date_gmt":"2020-11-06T04:56:47","guid":{"rendered":"https:\/\/www.dailynk.com\/english\/?p=46914"},"modified":"2026-04-05T15:39:57","modified_gmt":"2026-04-05T06:39:57","slug":"falling-north-korean-won-dollar-exchange-rate-causes-headaches-dollar-holders","status":"publish","type":"post","link":"https:\/\/www.dailynk.com\/english\/falling-north-korean-won-dollar-exchange-rate-causes-headaches-dollar-holders\/","title":{"rendered":"Falling N. Korean won &#8211; dollar exchange rate causes headaches among dollar holders"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">With major nations around the world such as the United States opening their purses to overcome the economic crisis brought on by COVID-19, currency values for the dollar, euro and yuan are falling. In North Korea, too, the USD-KPW exchange rate has reportedly fallen significantly recently.\u00a0<\/span><\/p>\n<p>The falling exchange rate has led to a reduction in foreign currency-related transactions, which suggests that North Korean authorities may have a tougher time acquiring dollars.<\/p>\n<p><span style=\"font-weight: 400;\">A source in Pyongyang told Daily NK on Thursday that dollars are currently trading at exceedingly low prices, and that while the supply loosened for a short time after Party Foundation Day on Oct. 10, \u201cnow money changers won\u2019t offer dollars, so you can\u2019t buy them.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, the exchange rate for dollars in Pyongyang had fallen 4.6% from KPW 8,400 in September to KPW 8,010 on Oct. 12, the first weekday after Party Foundation Day. It seems that in the middle of last month, when the exchange rate fell by a relatively modest amount, one could purchase dollars cheaply.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of Wednesday, however, the exchange rate in Pyongyang had fallen to KPW 6,200 to the dollar. This is the lowest it has been since 2012, and represents a 20% drop over around 20 days or so. With the dollar rate falling so suddenly, money changers are refraining from dealing in greenbacks, according to the source.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Amid all of this, North Korean authorities have reportedly ordered trade agencies to secure foreign currency such as dollars, euros and yuan from the \u201cend of this year until early next year.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe authorities ordered [the trade agencies] to bring in as much foreign currency as possible, believing that trade will begin &#8211; even if at a small scale &#8211; after the Eighth Party Congress [set for January],\u201d the source said.\u00a0<\/span><\/p>\n<figure id=\"attachment_40522\" aria-describedby=\"caption-attachment-40522\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-40522 size-medium\" src=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/05\/KakaoTalk_20181205_100742640-1-745x1024-300x247.jpg\" alt=\"Scene from inside Rajin Market taken in November 2018\" width=\"300\" height=\"247\" srcset=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/05\/KakaoTalk_20181205_100742640-1-745x1024-300x247.jpg 300w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/05\/KakaoTalk_20181205_100742640-1-745x1024-768x632.jpg 768w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/05\/KakaoTalk_20181205_100742640-1-745x1024-696x572.jpg 696w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/05\/KakaoTalk_20181205_100742640-1-745x1024-511x420.jpg 511w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/05\/KakaoTalk_20181205_100742640-1-745x1024.jpg 800w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-40522\" class=\"wp-caption-text\">Scene from inside Rajin Market taken in November 2018 \/ Image: Daily NK<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, those working at trade agencies are losing sleep over how they will secure foreign currency when there are no <\/span><i><span style=\"font-weight: 400;\">donju<\/span><\/i><span style=\"font-weight: 400;\"> (North Korea\u2019s wealthy entrepreneurial class) buying goods with dollars right now. This is because nobody will offer the dollars they bought at more than KPW 8,000 while the greenback is trading at around KPW 6,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As individuals with dollars hang on to them due to the falling exchange rate, the state is languishing in its inability to secure foreign currency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The continued halt of Sino-North Korean trade suggests that the currency rate could fall even more and lead to further contraction of the foreign currency market for the time being. From the perspective of the North Korean authorities, they are faced with solving the challenge of \u201ceconomic recession\u201d that stands before them.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">North Korean authorities are actively mapping out policies to stabilize the market, according to the source.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe authorities have ordered that, from next year, officials strengthen the requirements around issuing trade permits, and that the issuing fee for the permits be raised by 0.1%,\u201d said the source. \u201cThey\u2019ve added the condition that traders should bring in at least a fixed amount of state-designated foodstuffs and sundries.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is to say, faced with insufficient foodstuffs and sundries after the closing of the border with China, North Korean authorities are apparently putting pressure on traders to focus on imports of those goods as a way to stabilize market prices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, North Korean authorities have warned that they will closely scrutinize the backgrounds of Chinese traders offering goods as part of efforts to prevent COVID-19 from entering the country. This suggests the authorities intend to enforce thorough quarantines while guarding against the expansion of \u201creckless\u201d trade.<\/span><\/p>\n<div class=\"td-post-header\"><em>Please direct any comments or questions about this article to dailynkenglish@uni-media.net.<\/em><\/div>\n<div><\/div>\n<div class=\"td-post-header\"><em><a href=\"https:\/\/www.dailynk.com\/20201105-4\/\">Read in Korean<\/a><\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>With major nations around the world such as the United States opening their purses to overcome the economic crisis brought on by COVID-19, currency values for the dollar, euro and yuan are falling. In North Korea, too, the USD-KPW exchange rate has reportedly fallen significantly recently.\u00a0 The falling exchange rate has led to a reduction [&hellip;]<\/p>\n","protected":false},"author":128,"featured_media":41618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wikipediapreview_detectlinks":true,"footnotes":""},"categories":[67,645],"tags":[100,714,930],"class_list":["post-46914","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-economy","tag-markets","tag-economy","tag-foreign-currency"],"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>Falling N. 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