{"id":49868,"date":"2021-11-11T14:01:16","date_gmt":"2021-11-11T05:01:16","guid":{"rendered":"https:\/\/www.dailynk.com\/english\/?p=49868"},"modified":"2021-11-11T14:04:56","modified_gmt":"2021-11-11T05:04:56","slug":"north-korea-elusive-money-vouchers-a-z","status":"publish","type":"post","link":"https:\/\/www.dailynk.com\/english\/north-korea-elusive-money-vouchers-a-z\/","title":{"rendered":"N. Korea&#8217;s elusive money vouchers from A to Z"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Over two months have passed since North Korean authorities issued money vouchers, or <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\">, to absorb foreign exchange. However, most North Koreans remain unaware that the coupons were issued.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to multiple Daily NK sources, only certain cadres, money changers with lots of foreign exchange, and <\/span><i><span style=\"font-weight: 400;\">donju<\/span><\/i><span style=\"font-weight: 400;\"> (wealthy individuals with lots of cash or property) know of the <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\">. Even many <\/span><i><span style=\"font-weight: 400;\">donju<\/span><\/i><span style=\"font-weight: 400;\"> have never seen one in real life.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The authorities have yet to issue any official statements, measures or informational documents confirming the existence of the <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\">, so rumors surrounding the coupons are rife even in North Korea.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because of this, Daily NK has conducted an in-depth interview with a source in North Korea familiar with the issuance of the <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\"> to verify why the authorities issued the coupons and which pertinent measures they have taken.<\/span><\/p>\n<p><em>The following is a Q&amp;A with Mr. A, a cadre engaged in finance-related duties.<\/em><\/p>\n<p><b>DNK: Have the authorities issued any official statements or documents related to the <\/b><b><i>donpyo <\/i><\/b><b>since their release?<\/b><\/p>\n<p><span style=\"font-weight: 400;\"><em>Mr. A:<\/em> No. So far, they\u2019ve just been making people who use actual foreign currency change their money and telling them that \u201cthe <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\"> is as good as cash.\u201d They\u2019re only trying to convince people who are about to buy something with foreign currency that the <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\"> are worth the same as cash. When they issued <\/span><i><span style=\"font-weight: 400;\">donpyo <\/span><\/i><span style=\"font-weight: 400;\">in the past, they put up signs at banks, state-designated moneychangers, foreign exchange shops and elsewhere telling people how to use them. In fact, the authorities usually provide information upon the implementation of new policies but, so far, there have been no documents related to the <\/span><i><span style=\"font-weight: 400;\">donpyo\u00a0<\/span><\/i><span style=\"font-weight: 400;\">published.\u00a0<\/span><\/p>\n<p><b>DNK: If the state issued the <\/b><b><i>donpyo<\/i><\/b><b> simply to absorb foreign currency, was it really necessary to issue a new currency?<\/b><\/p>\n<p><span style=\"font-weight: 400;\"><em>Mr. A: <\/em>The people with foreign currency are either cadres or <\/span><i><span style=\"font-weight: 400;\">donju<\/span><\/i><span style=\"font-weight: 400;\">. The authorities have already tried several times to get these people to invest. But who\u2019s going to voluntarily give their money to the state nowadays? They won\u2019t give up their foreign currency, even if the state offers inducements. However, the authorities judged that if they substituted <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\"> for foreign exchange when people are about to use the latter, the <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\"> would circulate in shops and markets while the foreign currency would go to the state. It\u2019s a sort of &#8220;campaign&#8221; to take privately-held &#8220;idle money&#8221; and use it to fund the state economy.<\/span><\/p>\n<p><b>DNK: Doesn\u2019t a \u201ccampaign\u201d suggest a temporary measure? Does this mean nothing has been legally stipulated regarding the <\/b><b><i>donpyo<\/i><\/b><b> in North Korea?<\/b><\/p>\n<p><span style=\"font-weight: 400;\"><em>Mr. A: <\/em>That\u2019s the case so far. The State Planning Commission and Central Bank have essentially implemented a temporary measure to suck foreign currency into state coffers. The (Supreme People&#8217;s Assembly&#8217;s) Standing Committee has passed no law regarding it. The vouchers are simply aimed at temporarily pulling in the cash the state needs to attain maximum results during the four remaining years of the five-year economic development plan; the authorities won\u2019t continue using the <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\"> in the future. You can think of it as a temporary, special measure.<\/span><\/p>\n<figure id=\"attachment_49072\" aria-describedby=\"caption-attachment-49072\" style=\"width: 1024px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-49072\" src=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/07\/\ubd81\ud55c-\uc911\uc559\uc740\ud589.jpg\" alt=\"\" width=\"1024\" height=\"647\" srcset=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/07\/\ubd81\ud55c-\uc911\uc559\uc740\ud589.jpg 1024w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/07\/\ubd81\ud55c-\uc911\uc559\uc740\ud589-300x190.jpg 300w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/07\/\ubd81\ud55c-\uc911\uc559\uc740\ud589-768x485.jpg 768w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/07\/\ubd81\ud55c-\uc911\uc559\uc740\ud589-696x440.jpg 696w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/07\/\ubd81\ud55c-\uc911\uc559\uc740\ud589-665x420.jpg 665w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-49072\" class=\"wp-caption-text\">North Korea&#8217;s Central Bank building \/ Image: Sogwang<\/figcaption><\/figure>\n<p><b>DNK: Some people say North Korea issued the <\/b><b><i>donpyo<\/i><\/b><b> because the country ran out of paper and ink to print currency.<\/b><\/p>\n<p><span style=\"font-weight: 400;\"><em>Mr. A: <\/em>That\u2019s not why. This is a country that fires off nuclear-armed missiles no matter how little money it has. Do you think it can\u2019t print money just because it has no toner? You can save a bit of cash when you print money if <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\"> circulate well, and you can print fewer KPW 5,000 bills by substituting <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\"> worth KPW 5,000 for them. But that\u2019s not the main reason they were issued. The main reason was not to save money on printing cash, but to suck foreign currency into state pockets and raise the value of local currency by reducing its circulation.<\/span><\/p>\n<p><b>DNK: To pull in idle cash from <\/b><b><i>donju<\/i><\/b><b>, it seems you would have to issue <\/b><b><i>donpyo<\/i><\/b><b> in higher denominations, so why issue most of them in denominations of KPW 5,000?<\/b><\/p>\n<p><span style=\"font-weight: 400;\"><em>Mr. A:<\/em> Firstly, KPW 5,000 is the local currency\u2019s highest denomination. They thought if you print higher denominations, it could cause confusion. More importantly, the authorities didn\u2019t want to make it seem like they printed the <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\"> so the state could suck in foreign currency. They think it\u2019s important to make people believe that the coupons are just something you use when you spend foreign currency. This is why they are first using them in shops, and printed them in familiar denominations.<\/span><\/p>\n<p><b>DNK: The exchange rate has recently been holding at KPW 5,000 to the dollar, so weren\u2019t the <\/b><b><i>donpyo<\/i><\/b><b> issued in denominations of KPW 5,000 to make it easy to change foreign currency for them?<\/b><\/p>\n<p><span style=\"font-weight: 400;\"><em>Mr. A: <\/em>Ultimately, that\u2019s partly correct, but not completely so. Frankly, they didn\u2019t set out from the very beginning to print KPW 5,000 <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\"> synched to KPW 5,000 to the dollar. The state can\u2019t arbitrarily control the exchange rate. The exchange rate might not remain at KPW 5,000 to the dollar, and the state cannot make it stay there.<\/span><\/p>\n<p><b>DNK: Can we say that so far, the use of the <\/b><b><i>donpyo<\/i><\/b><b> has had no effect on the exchange rate?<\/b><\/p>\n<p><span style=\"font-weight: 400;\"><em>Mr. A: <\/em>That\u2019s right. The circulation of <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\"> is very small, not enough to impact the exchange rate. The leadership plans to print more vouchers after seeing the public response and the quarterly numbers. Right now, they are watching trends surrounding the <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\">. They plan to craft a plan of operations based on the quarterly numbers by the end of the year, so I think there will be a decision early next year to either use the coupons in earnest or quietly make them disappear.<\/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%8b%a4%eb%ac%bc%ec%9d%80-%ec%9e%88%ec%a7%80%eb%a7%8c-%ec%8b%a4%ec%b2%b4%eb%8a%94-%ec%98%a4%eb%a6%ac%eb%ac%b4%ec%a4%91-%eb%b6%81%ed%95%9c-%eb%8f%88%ed%91%9c-a-to-z\/\">Read in Korean<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over two months have passed since North Korean authorities issued money vouchers, or donpyo, to absorb foreign exchange. However, most North Koreans remain unaware that the coupons were issued. According to multiple Daily NK sources, only certain cadres, money changers with lots of foreign exchange, and donju (wealthy individuals with lots of cash or property) [&hellip;]<\/p>\n","protected":false},"author":128,"featured_media":49582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wikipediapreview_detectlinks":true,"footnotes":""},"categories":[67,645],"tags":[],"class_list":["post-49868","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-economy"],"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>N. Korea&#039;s elusive money vouchers from A to Z - North Korea News \u2014 Daily NK | Latest DPRK Updates 2026<\/title>\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-korea-elusive-money-vouchers-a-z\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"N. Korea&#039;s elusive money vouchers from A to Z\" \/>\n<meta property=\"og:description\" content=\"Over two months have passed since North Korean authorities issued money vouchers, or donpyo, to absorb foreign exchange. However, most North Koreans remain unaware that the coupons were issued. According to multiple Daily NK sources, only certain cadres, money changers with lots of foreign exchange, and donju (wealthy individuals with lots of cash or property) [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dailynk.com\/english\/north-korea-elusive-money-vouchers-a-z\/\" \/>\n<meta property=\"og:site_name\" content=\"North Korea News \u2014 Daily NK | Latest DPRK Updates 2026\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-11T05:01:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-11T05:04:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/09\/\ubd81\ud55c-\ub3c8\ud45c2021\ub144-\ubc1c\ud589.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"741\" \/>\n\t<meta property=\"og:image:height\" content=\"348\" \/>\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=\"5 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-korea-elusive-money-vouchers-a-z\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/north-korea-elusive-money-vouchers-a-z\\\/\"},\"author\":{\"name\":\"Seulkee Jang\",\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/#\\\/schema\\\/person\\\/194958ce83d17408851c1d378fa83857\"},\"headline\":\"N. 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Korea's elusive money vouchers from A to Z - North Korea News \u2014 Daily NK | Latest DPRK Updates 2026\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/north-korea-elusive-money-vouchers-a-z\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/north-korea-elusive-money-vouchers-a-z\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/09\\\/\ubd81\ud55c-\ub3c8\ud45c2021\ub144-\ubc1c\ud589.jpg\",\"datePublished\":\"2021-11-11T05:01:16+00:00\",\"dateModified\":\"2021-11-11T05:04:56+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/north-korea-elusive-money-vouchers-a-z\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.dailynk.com\\\/english\\\/north-korea-elusive-money-vouchers-a-z\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/north-korea-elusive-money-vouchers-a-z\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/09\\\/\ubd81\ud55c-\ub3c8\ud45c2021\ub144-\ubc1c\ud589.jpg\",\"contentUrl\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/09\\\/\ubd81\ud55c-\ub3c8\ud45c2021\ub144-\ubc1c\ud589.jpg\",\"width\":741,\"height\":348,\"caption\":\"A picture of the foreign currency vouchers currently in circulation in North Korea. 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Jang has a M.A. in Sociology from University of North Korean Studies and a B.A. in Sociology from Yonsei University. She can be reached at skjang(at)uni-media.net.\",\"url\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/author\\\/jang-seul-gi\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"N. Korea's elusive money vouchers from A to Z - North Korea News \u2014 Daily NK | Latest DPRK Updates 2026","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.dailynk.com\/english\/north-korea-elusive-money-vouchers-a-z\/","og_locale":"en_US","og_type":"article","og_title":"N. Korea's elusive money vouchers from A to Z","og_description":"Over two months have passed since North Korean authorities issued money vouchers, or donpyo, to absorb foreign exchange. 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According to multiple Daily NK sources, only certain cadres, money changers with lots of foreign exchange, and donju (wealthy individuals with lots of cash or property) [&hellip;]","og_url":"https:\/\/www.dailynk.com\/english\/north-korea-elusive-money-vouchers-a-z\/","og_site_name":"North Korea News \u2014 Daily NK | Latest DPRK Updates 2026","article_published_time":"2021-11-11T05:01:16+00:00","article_modified_time":"2021-11-11T05:04:56+00:00","og_image":[{"width":741,"height":348,"url":"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/09\/\ubd81\ud55c-\ub3c8\ud45c2021\ub144-\ubc1c\ud589.jpg","type":"image\/jpeg"}],"author":"Seulkee Jang","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Seulkee Jang","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.dailynk.com\/english\/north-korea-elusive-money-vouchers-a-z\/#article","isPartOf":{"@id":"https:\/\/www.dailynk.com\/english\/north-korea-elusive-money-vouchers-a-z\/"},"author":{"name":"Seulkee Jang","@id":"https:\/\/www.dailynk.com\/english\/#\/schema\/person\/194958ce83d17408851c1d378fa83857"},"headline":"N. 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Korea's elusive money vouchers from A to Z - North Korea News \u2014 Daily NK | Latest DPRK Updates 2026","isPartOf":{"@id":"https:\/\/www.dailynk.com\/english\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.dailynk.com\/english\/north-korea-elusive-money-vouchers-a-z\/#primaryimage"},"image":{"@id":"https:\/\/www.dailynk.com\/english\/north-korea-elusive-money-vouchers-a-z\/#primaryimage"},"thumbnailUrl":"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/09\/\ubd81\ud55c-\ub3c8\ud45c2021\ub144-\ubc1c\ud589.jpg","datePublished":"2021-11-11T05:01:16+00:00","dateModified":"2021-11-11T05:04:56+00:00","breadcrumb":{"@id":"https:\/\/www.dailynk.com\/english\/north-korea-elusive-money-vouchers-a-z\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.dailynk.com\/english\/north-korea-elusive-money-vouchers-a-z\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.dailynk.com\/english\/north-korea-elusive-money-vouchers-a-z\/#primaryimage","url":"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/09\/\ubd81\ud55c-\ub3c8\ud45c2021\ub144-\ubc1c\ud589.jpg","contentUrl":"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/09\/\ubd81\ud55c-\ub3c8\ud45c2021\ub144-\ubc1c\ud589.jpg","width":741,"height":348,"caption":"A picture of the foreign currency vouchers currently in circulation in North Korea. 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Part of the Unification Media Group (UMG) consortium.","email":"dailynkenglish@uni-media.net","telephone":"82-2-732-6998","legalName":"DailyNK","foundingDate":"2004-12-01","numberOfEmployees":{"@type":"QuantitativeValue","minValue":"1","maxValue":"10"}},{"@type":"Person","@id":"https:\/\/www.dailynk.com\/english\/#\/schema\/person\/194958ce83d17408851c1d378fa83857","name":"Seulkee Jang","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2026\/02\/9f4cf0f24b376077a2fcdab2e85c3584-150x150.webp","url":"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2026\/02\/9f4cf0f24b376077a2fcdab2e85c3584-150x150.webp","contentUrl":"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2026\/02\/9f4cf0f24b376077a2fcdab2e85c3584-150x150.webp","caption":"Seulkee Jang"},"description":"Seulkee Jang is one of Daily NK's full-time reporters and covers North Korean economic and diplomatic issues, including workers dispatched abroad. 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