{"id":53190,"date":"2022-11-05T17:00:54","date_gmt":"2022-11-05T08:00:54","guid":{"rendered":"https:\/\/www.dailynk.com\/english\/?p=53190"},"modified":"2022-11-03T22:56:06","modified_gmt":"2022-11-03T13:56:06","slug":"north-koreans-turn-backs-country-cash-vouchers","status":"publish","type":"post","link":"https:\/\/www.dailynk.com\/english\/north-koreans-turn-backs-country-cash-vouchers\/","title":{"rendered":"N. Koreans turn their backs on the country&#8217;s cash vouchers"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A year has passed since North Korean authorities issued cash vouchers, or <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\">, to <a href=\"https:\/\/www.dailynk.com\/english\/north-korea-elusive-money-vouchers-a-z\/\">bolster the state\u2019s ailing finances<\/a>. Daily NK understands, however, that only companies and government agencies continue to use the<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\"> as a means of payment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to a Daily NK source in North Korea on Tuesday, it is hard to find individuals using <\/span><i><span style=\"font-weight: 400;\">donpyo <\/span><\/i><span style=\"font-weight: 400;\">nowadays in Pyongyang and other major cities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">North Korean authorities have been encouraging the circulation of <\/span><i><span style=\"font-weight: 400;\">donpyo <\/span><\/i><span style=\"font-weight: 400;\">as a means for individuals to pay for goods at foreign currency shops, department stores and elsewhere.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">People are supposed to exchange their foreign currency or local currency for <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\"> at a bureau de change and use the vouchers to purchase goods.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, few people change their foreign or local currency into <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\">, at least voluntarily, due to low levels of trust in the vouchers, according to the source.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The source said North Korean authorities had circulated small numbers of <\/span><i><span style=\"font-weight: 400;\">donpyo <\/span><\/i><span style=\"font-weight: 400;\">on a trial basis in major cities like Pyongyang, but most of the supply was redeemed because so few vouchers were issued, and people usually spent the vouchers immediately after exchanging them for cash. After that, the authorities issued no more <\/span><i><span style=\"font-weight: 400;\">donpyo <\/span><\/i><span style=\"font-weight: 400;\">for use by individuals.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, enterprises and government agencies continue to use KPW 50,000 <\/span><i><span style=\"font-weight: 400;\">donpyo <\/span><\/i><span style=\"font-weight: 400;\">\u2014 issued by the authorities specifically for corporate and government use \u2014 as a replacement for cash.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, North Korean authorities earlier this year <\/span><a href=\"https:\/\/www.dailynk.com\/english\/north-korea-issues-new-kpw-50-000-cash-vouchers-use-commercial-transactions\/\"><span style=\"font-weight: 400;\">ordered provincial enterprises ranked class 4 and below<\/span><\/a><span style=\"font-weight: 400;\"> to actively use the newly issued <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When buying supplies or products, North Korean enterprises had generally used cashless bank slips, or <\/span><i><span style=\"font-weight: 400;\">haengpyo<\/span><\/i><span style=\"font-weight: 400;\">, that allow the transfer of money within a set collateral limit.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because of this, many potential users criticized the <\/span><i><span style=\"font-weight: 400;\">donpyo <\/span><\/i><span style=\"font-weight: 400;\">as being similar in function to the cashless <\/span><i><span style=\"font-weight: 400;\">haengpyo<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nevertheless, North Korea appears to have circulated <\/span><i><span style=\"font-weight: 400;\">donpyo <\/span><\/i><span style=\"font-weight: 400;\">for companies to use<\/span><span style=\"font-weight: 400;\">, focusing on making up for the <\/span><i><span style=\"font-weight: 400;\">haengpyo<\/span><\/i><span style=\"font-weight: 400;\">\u2019s shortcomings to prevent the abuse of the bankslips, as well as the resulting corruption and waste of resources.<\/span><\/p>\n<p><strong>N. KOREA DEVELOPS NEW <em>HAENGPYO<\/em> &#8220;BOOKLETS&#8221;<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">North Korean authorities are reportedly planning a new means of B2B payments that supplements the negative aspects of existing <\/span><i><span style=\"font-weight: 400;\">haengpyo<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Daily NK&#8217;s source, the State Planning Commission and North Korea\u2019s Central Bank are designing a <\/span><i><span style=\"font-weight: 400;\">haengpyo <\/span><\/i><span style=\"font-weight: 400;\">\u201cbooklets\u201d with slips that users tear out whenever they need them. The booklets will replace the previously loose-leaf bankslips.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The source said the authorities will likely print the new <\/span><i><span style=\"font-weight: 400;\">haengpyo <\/span><\/i><span style=\"font-weight: 400;\">with unique issuance numbers from the Central Bank and fixed face values, just like <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The government has had a hard time calculating with precision how many existing cashless <\/span><i><span style=\"font-weight: 400;\">haengpyo <\/span><\/i><span style=\"font-weight: 400;\">are in circulation. <\/span><span style=\"font-weight: 400;\">If North Korea were to begin issuing <\/span><i><span style=\"font-weight: 400;\">haengpyo <\/span><\/i><span style=\"font-weight: 400;\">with Central Bank issuance numbers and fixed face values, government officials could take a close look at the circulation of this cashless means of payment, making the circulation of the <em>haengpyo<\/em> easier to control.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even if the government moves to issue the <em>haengpyo<\/em> booklets as a new method of facilitating business-to-business payments, it is not yet clear whether the authorities will stop issuing KPW 50,000 <\/span><i><span style=\"font-weight: 400;\">donpyo <\/span><\/i><span style=\"font-weight: 400;\">for use by companies<\/span><span style=\"font-weight: 400;\">, or whether <\/span><i><span style=\"font-weight: 400;\">donpyo<\/span><\/i><span style=\"font-weight: 400;\"> will continue to be issued alongside the <\/span><i><span style=\"font-weight: 400;\">haengpyo<\/span><\/i><span style=\"font-weight: 400;\"> as is current practice.<\/span><\/p>\n<p><i>Please direct any comments or questions about this article to dailynkenglish@uni-media.net.<\/i><\/p>\n<p><a href=\"https:\/\/www.dailynk.com\/20221101-5\/\"><i>Read in Korean<\/i><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A year has passed since North Korean authorities issued cash vouchers, or donpyo, to bolster the state\u2019s ailing finances. Daily NK understands, however, that only companies and government agencies continue to use the\u00a0donpyo as a means of payment. According to a Daily NK source in North Korea on Tuesday, it is hard to find individuals [&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":[714,930],"class_list":["post-53190","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 v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>N. Koreans turn their backs on the country&#039;s cash vouchers - 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-koreans-turn-backs-country-cash-vouchers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"N. Koreans turn their backs on the country&#039;s cash vouchers\" \/>\n<meta property=\"og:description\" content=\"A year has passed since North Korean authorities issued cash vouchers, or donpyo, to bolster the state\u2019s ailing finances. Daily NK understands, however, that only companies and government agencies continue to use the\u00a0donpyo as a means of payment. According to a Daily NK source in North Korea on Tuesday, it is hard to find individuals [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dailynk.com\/english\/north-koreans-turn-backs-country-cash-vouchers\/\" \/>\n<meta property=\"og:site_name\" content=\"North Korea News \u2014 Daily NK | Latest DPRK Updates 2026\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-05T08:00:54+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=\"3 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-koreans-turn-backs-country-cash-vouchers\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/north-koreans-turn-backs-country-cash-vouchers\\\/\"},\"author\":{\"name\":\"Seulkee Jang\",\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/#\\\/schema\\\/person\\\/194958ce83d17408851c1d378fa83857\"},\"headline\":\"N. 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