{"id":47016,"date":"2020-11-21T06:51:04","date_gmt":"2020-11-20T21:51:04","guid":{"rendered":"https:\/\/www.dailynk.com\/english\/?p=47016"},"modified":"2020-11-21T07:05:50","modified_gmt":"2020-11-20T22:05:50","slug":"north-korean-won-dollar-exchange-rate-yet-recover","status":"publish","type":"post","link":"https:\/\/www.dailynk.com\/english\/north-korean-won-dollar-exchange-rate-yet-recover\/","title":{"rendered":"North Korean won &#8211; dollar exchange rate has yet to recover"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The North Korean won-to-dollar exchange rate has yet to begin recovering since plummeting late last month. The rate, which had fluctuated in the KPW 8,000 range despite the closure of the Sino-North Korean border in January, recently fell 20% over the course of a month. After showing signs of recovery in the middle of this month, it appears to be falling yet again.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to multiple Daily NK sources in North Korea, the won was trading at KPW 6,200 to the dollar in Pyongyang on Nov. 4, KPW 6,480 to the dollar on Nov. 9, and 6,930 on Nov. 15, climbing about 11% over the course of about a week. As of Wednesday, however, the won-to-dollar rate in Pyongyang was just KPW 6,200.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Daily NK\u2019s sources in the country agree that a major cause for the decrease in the exchange rate is that there is no longer anywhere to use foreign currency given that smuggling has largely been cut off since the closure of the border back in January.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">North Koreans have typically used small amounts of foreign currency to buy things at foreign currency shops or department stores, but much of the foreign currency available in the country has been used in transactions involving imported goods. However, the drastic decrease in smuggling across the border has now led to less demand for foreign currency.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the won-to-dollar exchange rate falling into the KPW 6,000 range as demand for foreign currency has withered, money changers are now holding on to their dollars. This is because they cannot sell dollars they bought at prices in the KPW 8,000 range for prices now in the range of KPW 6,000.\u00a0<\/span><\/p>\n<figure id=\"attachment_39438\" aria-describedby=\"caption-attachment-39438\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-39438\" src=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/01\/\ubd81\ud55c\uc2e0\uad8c\ubd80\ucc44\uaf34-1.jpg\" alt=\"North Korean currency\" width=\"1200\" height=\"720\" srcset=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/01\/\ubd81\ud55c\uc2e0\uad8c\ubd80\ucc44\uaf34-1.jpg 1200w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/01\/\ubd81\ud55c\uc2e0\uad8c\ubd80\ucc44\uaf34-1-300x180.jpg 300w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/01\/\ubd81\ud55c\uc2e0\uad8c\ubd80\ucc44\uaf34-1-768x461.jpg 768w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/01\/\ubd81\ud55c\uc2e0\uad8c\ubd80\ucc44\uaf34-1-1024x614.jpg 1024w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/01\/\ubd81\ud55c\uc2e0\uad8c\ubd80\ucc44\uaf34-1-696x418.jpg 696w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/01\/\ubd81\ud55c\uc2e0\uad8c\ubd80\ucc44\uaf34-1-1068x641.jpg 1068w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/01\/\ubd81\ud55c\uc2e0\uad8c\ubd80\ucc44\uaf34-1-700x420.jpg 700w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-39438\" class=\"wp-caption-text\">North Korean currency. \/ Image: Daily NK<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">That is to say, the hesitancy felt by money changers is having a significant impact on the falling exchange rate, based on reports from Daily NK&#8217;s sources.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">North Korean authorities have yet to issue any particular orders or measures regarding the falling exchange rate. So far, they appear to be adopting a wait-and-see approach, sources told Daily NK.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cTelling ordinary people to use North Korean money instead of dollars or yuan isn\u2019t new. They always say that,\u201d one of the sources told Daily NK. \u201c[The authorities] have not handed down any specific orders about adjusting the exchange rate.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to another source in the country, &#8220;After the 2009 currency reform, there was a ban on using foreign currency, but the use of dollars or yuan has increased since then. According to him, \u201cIf the authorities were to issue a measure aimed at curbing the use of foreign currency, the cadres who knew [about the measure] ahead of time would demand dollars from money changers, which could lead the exchange rate to skyrocket.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The source&#8217;s report suggests that if North Korean authorities were to directly intervene in foreign currency-based transactions, this could lead to \u201cunforeseen negative side effects\u201d that would put the economy in even greater chaos. This is why the authorities cannot easily intervene through policies aimed at regulating these transactions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Daily NK sources did speculate, however, that if the exchange rate continues to fluctuate, the authorities may have to take some kind of action.\u00a0<\/span><\/p>\n<figure id=\"attachment_42954\" aria-describedby=\"caption-attachment-42954\" style=\"width: 800px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-42954\" src=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/11\/\ubd81\ud55c-\uc2dc\uc7a5-1.jpg\" alt=\"grasshopper market exchange rate\" width=\"800\" height=\"488\" srcset=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/11\/\ubd81\ud55c-\uc2dc\uc7a5-1.jpg 800w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/11\/\ubd81\ud55c-\uc2dc\uc7a5-1-300x183.jpg 300w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/11\/\ubd81\ud55c-\uc2dc\uc7a5-1-768x468.jpg 768w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/11\/\ubd81\ud55c-\uc2dc\uc7a5-1-696x425.jpg 696w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/11\/\ubd81\ud55c-\uc2dc\uc7a5-1-689x420.jpg 689w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-42954\" class=\"wp-caption-text\">A &#8220;grasshopper market,&#8221; or unofficial market, in a village near Pyongyang. \/ Image: Chinese blogger L\u00f3ng W\u01d4*L\u00e1ng Zh\u012b W\u011bn (\u9f99\u4e94*\u72fc\u4e4b\u543b )<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">\u201cWhen the exchange rate fell, the Workers&#8217; Party welcomed it,\u201d one of the sources said. \u201cIt seems they hoped the situation would hold for a bit longer, but if [the rate continues to fall], they may have to take some kind of action to stabilize it.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is little clarity about the exchange rate suddenly fell eight months after the border was closed rather than immediately after the closure &#8211; assuming, of course, that the falling exchange rate was directly impacted by the fall in imports.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWhen the border was closed, people hoped that trade would open up again sometime around Party Foundation Day, but the ban on smuggling tightened right before the holiday,\u201d said the source. \u201cThe dollar market is frozen as more and more people come to believe trade won\u2019t restart for the time being.&#8221;\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Kim Seok-jin, a researcher at the Korea Institute for National Unification in South Korea, told Daily NK that the &#8220;COVID-19 shock&#8221; appears to be largely responsible for the falling exchange rate in North Korea. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cDemand for foreign currency continued as people believed the border would reopen after a few months, but given that the border has remained closed, the [falling] exchange rate seems to reflect negative expectations [about the restart of trade],\u201d he said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThere could also be several other factors in the background affecting the exchange rate. We will need to keep observing the situation [to learn more],\u201d he added.<\/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\/%E5%8C%97-%EB%8B%AC%EB%9F%AC-%ED%99%98%EC%9C%A8-%ED%95%98%EB%9D%BD%EC%84%B8-%EC%A7%80%EC%86%8D-%EA%B9%80%EC%A0%95%EC%9D%80-%ED%99%98%EC%9C%A8-%EC%A1%B0%EC%A0%95-%EC%B9%BC-%EB%B9%BC%EC%96%B4\/\">Read in Korean<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The North Korean won-to-dollar exchange rate has yet to begin recovering since plummeting late last month. The rate, which had fluctuated in the KPW 8,000 range despite the closure of the Sino-North Korean border in January, recently fell 20% over the course of a month. After showing signs of recovery in the middle of this [&hellip;]<\/p>\n","protected":false},"author":128,"featured_media":39438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wikipediapreview_detectlinks":true,"footnotes":""},"categories":[67,645],"tags":[714,930],"class_list":["post-47016","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-economy","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>North Korean won - dollar exchange rate has yet to recover - North Korea News \u2014 Daily NK | Latest DPRK Updates 2026<\/title>\n<meta name=\"description\" content=\"After showing signs of recovery in the middle of this month, the North Korean won - dollar exchange rate seems to be falling again.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dailynk.com\/english\/north-korean-won-dollar-exchange-rate-yet-recover\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"North Korean won - dollar exchange rate has yet to recover\" \/>\n<meta property=\"og:description\" content=\"After showing signs of recovery in the middle of this month, the North Korean won - dollar exchange rate seems to be falling again.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dailynk.com\/english\/north-korean-won-dollar-exchange-rate-yet-recover\/\" \/>\n<meta property=\"og:site_name\" content=\"North Korea News \u2014 Daily NK | Latest DPRK Updates 2026\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-20T21:51:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-20T22:05:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/01\/\ubd81\ud55c\uc2e0\uad8c\ubd80\ucc44\uaf34-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Seulkee Jang\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Seulkee Jang\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/north-korean-won-dollar-exchange-rate-yet-recover\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/north-korean-won-dollar-exchange-rate-yet-recover\\\/\"},\"author\":{\"name\":\"Seulkee Jang\",\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/#\\\/schema\\\/person\\\/194958ce83d17408851c1d378fa83857\"},\"headline\":\"North Korean won &#8211; 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