{"id":54907,"date":"2023-05-08T12:05:31","date_gmt":"2023-05-08T03:05:31","guid":{"rendered":"https:\/\/www.dailynk.com\/english\/?p=54907"},"modified":"2026-04-05T16:04:11","modified_gmt":"2026-04-05T07:04:11","slug":"north-korea-sees-increase-exchange-rates-amid-government-moves-expand-trade","status":"publish","type":"post","link":"https:\/\/www.dailynk.com\/english\/north-korea-sees-increase-exchange-rates-amid-government-moves-expand-trade\/","title":{"rendered":"N. Korea sees increase in exchange rates amid government moves to expand trade"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The KPW-USD exchange rate has recently risen across all major cities in North Korea in what appears to be a development connected to government moves to expand<\/span><span style=\"font-weight: 400;\">\u00a0state-led <\/span><span style=\"font-weight: 400;\">trade.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Daily NK\u2019s regular survey of market prices, the US dollar was trading at KPW 8,400 in Pyongyang as of Apr. 30.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This was a rise of 4.87% compared to Apr. 16, when one dollar equalled KPW 8,010 in the capital city.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sinjuiju also saw a similar increase in the USD-KPW exchange rate. On Apr. 30, the exchange rate was 1 USD:KPW 8,360, which was a rise of 4.24% compared to Apr. 16.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Daily NK\u2019s regular survey also found that the USD-KPW exchange rate in Hyesan (KPW 8,350) rose at a rate similar to that of Sinuiju.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is the first time this year that the country\u2019s USD-KPW exchange rates have risen more than 4% in a period of two weeks. By <\/span><span style=\"font-weight: 400;\">comparison, exchange rates for the dollar rose as much as 15% over two weeks in late July 2022<\/span> <span style=\"font-weight: 400;\">following rumors that large trading companies operated by the Central Committee of the Workers&#8217; Party of Korea and Ministry of Defense were gearing up for an expansion of state-led trade<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, KPW-RMB exchange rates in Pyongyang, Sinuiju and Hyesan have also risen compared to the rates surveyed on Apr. 16, albeit the amount of increase varies depending on the region.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Chinese yuan rose 0.83% in Pyongyang compared to Apr. 16 and is currently trading at KPW 1,210 in Pyongyang as of Apr. 30. Hyesan saw a similarly minor increase with the yuan currently trading at KPW 1,230.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By contrast, the KPW-RMB exchange rate jumped significantly (5.04%) in Sinuiju, with the rate jumping from KPW 1,190 to KPW 1,250 from Apr. 16 to Apr. 30. This 5.04% increase was more than six times greater than the increase in rates in Pyongyang and Hyesan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sinuiju likely experienced such a drastic <\/span><span style=\"font-weight: 400;\">increase in the KPW-RMB exchange rate due to measures related to the reopening of the overland border between North Korea and China.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Daily NK <\/span><a href=\"https:\/\/www.dailynk.com\/english\/complete-reopening-road-traffic-between-sinuiju-dandong-appears-imminent\/\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> earlier this month that North Korean authorities issued orders in late April to the Sinuiju customs office related to preparations for the reopening of the overland trade. Around the same time, the North Pyongan Province\u2019s party committee held lectures dealing with trade law and regulations aimed at trade workers operating in Sinuiju.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the return of pre-COVID levels of cross-border trade between North Korea and China this year, the <\/span><span style=\"font-weight: 400;\">USD-RMB exchange rate, which was skewed during the COVID-19 lockdown period, appears to have returned to normal.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><span style=\"font-weight: 400;\">China Customs<\/span><span style=\"font-weight: 400;\">, trade between China and North Korea in the first quarter of 2023 amounted to USD 480 million, about 95% of the trade volume of pre-COVID levels recorded during the first quarter of 2019.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Following the outbreak of COVID-19, the North Korean government shut down the country\u2019s borders and domestic exchange rates for both the US dollar and the Chinese yuan plummeted. However, US dollars were the main currency used in government-sanctioned trade transactions during the COVID lockdown period, a situation that prevented the KPW-USD exchange rate from falling quite as severely as the KPW-RMB rate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In September of last year, North Korea\u2019s USD-RMB exchange rate skyrocketed to as high as 10 yuan to the dollar. Prior to the pandemic, the value of the yuan had generally floated around 1\/6th of a dollar. The pandemic caused both foreign currencies to drop in value, but the yuan fell much more steeply and settled around 1\/10th of a dollar.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Following the growth in cross-border trade in late 2022 &#8211; including an increasing number of freight trucks crossing into Sinuiju, and the resumption of smuggling activities in North Pyongan and North Hamgyong provinces &#8211; the KPW-RMB exchange rate has rebounded to levels seen before the pandemic.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Bloomberg News, the global USD-RMB exchange rate was RMB 6.9184 as of Apr. 28. When considering the Apr. 30 rate in North Korea, which was RMB 6.9421 to the dollar, the country&#8217;s exchange rates appear to have leveled out close to international market rates.<\/span><\/p>\n<p><b><i>Translated by Rose Adams. Edited by Robert Lauler.\u00a0<\/i><\/b><\/p>\n<p><em>Daily NK works with a network of reporting partners who live inside North Korea and China. Their identities remain anonymous due to security concerns. More information about Daily NK\u2019s reporting partner network and information gathering activities can be found on our FAQ page\u00a0<a href=\"https:\/\/www.dailynk.com\/english\/faq\/\">here<\/a>.\u00a0\u00a0<\/em><\/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\/20230503-4\/\"><i>Read in Korean<\/i><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The KPW-USD exchange rate has recently risen across all major cities in North Korea in what appears to be a development connected to government moves to expand\u00a0state-led trade. According to Daily NK\u2019s regular survey of market prices, the US dollar was trading at KPW 8,400 in Pyongyang as of Apr. 30.\u00a0 This was a rise [&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":[735,930,1656,222,714],"class_list":["post-54907","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-economy","tag-trade","tag-foreign-currency","tag-dprk","tag-border","tag-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 sees increase in exchange rates amid government moves to expand trade - 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-sees-increase-exchange-rates-amid-government-moves-expand-trade\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"N. Korea sees increase in exchange rates amid government moves to expand trade\" \/>\n<meta property=\"og:description\" content=\"The KPW-USD exchange rate has recently risen across all major cities in North Korea in what appears to be a development connected to government moves to expand\u00a0state-led trade. According to Daily NK\u2019s regular survey of market prices, the US dollar was trading at KPW 8,400 in Pyongyang as of Apr. 30.\u00a0 This was a rise [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dailynk.com\/english\/north-korea-sees-increase-exchange-rates-amid-government-moves-expand-trade\/\" \/>\n<meta property=\"og:site_name\" content=\"North Korea News \u2014 Daily NK | Latest DPRK Updates 2026\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-08T03:05:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-05T07:04:11+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-korea-sees-increase-exchange-rates-amid-government-moves-expand-trade\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/north-korea-sees-increase-exchange-rates-amid-government-moves-expand-trade\\\/\"},\"author\":{\"name\":\"Seulkee Jang\",\"@id\":\"https:\\\/\\\/www.dailynk.com\\\/english\\\/#\\\/schema\\\/person\\\/194958ce83d17408851c1d378fa83857\"},\"headline\":\"N. 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