North Korea’s market exchange rates have soared to unprecedented levels. After stabilizing for two months following a peak in early September, the US dollar to North Korean won rate has surged by over 10%, causing turmoil in the marketplace.<\/p>\n
According to Daily NK\u2019s regular survey of market prices in North Korea, the greenback was trading at 18,100 won in a particular market in Pyongyang on Nov. 10, 13.1% higher than it was in the previous survey two weeks earlier on Oct. 27, when it was trading at 16,000 won.<\/span><\/p>\n The latest rate is 2.18 times higher than on Jan. 7, when the dollar was trading at 8,300 won in Pyongyang. This is the first time the market rate for the dollar has more than doubled inside a year since North Korea\u2019s 2009 currency reform.<\/span><\/p>\n Exchange rates in other regions exhibited similar spikes as Pyongyang, with the sharpest climb in Hyesan, Ryanggang province.<\/span><\/p>\n The dollar was trading at 18,400 won in a certain market in Hyesan on Nov. 10, a 14.3% jump from Oct. 27, when it was trading at 16,100 won. This was the highest rate for the dollar since the 2009 currency reform.<\/span><\/p>\n According to Daily NK\u2019s database on North Korean exchange rates, there was a 7,900 won gap between the won-dollar rate\u2019s high and low for 2024. Never has such a large gap in the yearly high and low been posted in the last 10 years since 2014.<\/span><\/p>\n There was a 3,700 won gap between early 2022, when trade expectations collapsed in the wake of North Korea\u2019s border closure due to COVID-19, and late 2022, when trade began to recover. The difference was far smaller than this year.<\/span><\/p>\n The market won-yuan rate similarly climbed more than 10% over two weeks.<\/span><\/p>\n Like the dollar rate, the yuan rate was highest in Hyesan. In one market in Hyesan, the yuan was trading at 2,380 won on Nov. 10, 14.4% higher than on Oct. 27.<\/span><\/p>\n The won-yuan rate climbed most sharply in Sinuiju, North Pyongan province. Chinese currency was trading at 2,300 won on Nov. 10, 15% higher than on Oct. 27, when it was trading at 2,000 won.<\/span><\/p>\nYuan also surges against the won<\/strong><\/h4>\n