{"id":61976,"date":"2024-11-27T16:30:50","date_gmt":"2024-11-27T07:30:50","guid":{"rendered":"https:\/\/www.dailynk.com\/english\/?p=61976"},"modified":"2026-04-06T14:08:35","modified_gmt":"2026-04-06T05:08:35","slug":"north-korea-expels-money-changers-amid-currency-crackdown","status":"publish","type":"post","link":"https:\/\/www.dailynk.com\/english\/north-korea-expels-money-changers-amid-currency-crackdown\/","title":{"rendered":"N. Korea expels money changers amid currency crackdown"},"content":{"rendered":"<div class=\"font-claude-message pr-4 md:pr-9 relative leading-[1.65rem] [&amp;_pre&gt;div]:bg-bg-300 [&amp;_.ignore-pre-bg&gt;div]:bg-transparent [&amp;_pre]:-mr-4 md:[&amp;_pre]:-mr-9\">\n<div>\n<div class=\"grid-cols-1 grid gap-2.5 [&amp;_&gt;_*]:min-w-0\">\n<p class=\"whitespace-pre-wrap break-words\">North Korea has intensified its crackdown on foreign currency exchanges as market rates continue to climb. In recent weeks, authorities have banished multiple money changers and their families from Sinuiju to rural areas as punishment.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><span style=\"font-weight: 400;\">\u201cFive money changers have been banished over the past month or so. Some of the families have been allowed to bring their possessions with them, but others have been sent away empty-handed,\u201d a source in North Pyongan province told Daily NK recently.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In North Korea, banishment means being forcibly relocated to underdeveloped farming and mining areas. Banished individuals are also called \u201cevacuees,\u201d suggesting they have been \u201cevacuated\u201d from one area to another.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">North Koreans consider banishment a severe punishment because once a family has been banished somewhere, there is little chance of the children being able to move somewhere better.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The banished moneychangers were punished for trading foreign currency privately in disregard of the state\u2019s controls and sabotaging the state\u2019s policy of stabilizing currency exchange rates.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In effect, the government is blaming private money changers for North Korea\u2019s high market exchange rates, which are currently double what they were at the beginning of the year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But North Koreans say the market rates have been soaring not because of money changers, but because of the government&#8217;s wrong-headed measures.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe rising exchange rates obviously aren\u2019t due to private currency exchange by a few money changers. It\u2019s because the government keeps printing money for all these construction projects,\u201d said a Sinuiju resident who knew one of the banished money changers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe state is obsessed with blaming and punishing people for not following its myriad rules without doing anything about the structural issues it ought to be addressing. The authorities seem to care little whether people starve to death,\u201d he added.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other North Koreans who heard about money changers being banished complained that the only people being sent away are small-time money changers who cannot afford the bribes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In other words, the recent banishment of money changers is just an attempt by law enforcement agencies to show they are in line with the regime\u2019s attempt to stabilize exchange rates. But the individuals who handle large volumes of foreign currency can get off scot-free, even if they are caught, by paying bribes and pulling strings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That being said, the North Korean regime continues to publicize its ban on private money changing and punishment for violators of that ban.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe authorities are holding lectures and training sessions that remind audiences not to trade foreign currency privately. But the more the regime resorts to controls and punishment, the more people try to get their hands on foreign currency,\u201d the source said.<\/span><\/p>\n<p><em>Daily NK works with a network of sources in North Korea, China, and elsewhere. For security reasons, their identities remain anonymous.<\/em><\/p>\n<p class=\"whitespace-pre-wrap break-words\"><em>Please send any comments or questions about this article to dailynkenglish@uni-media.net.<\/em><\/p>\n<p class=\"whitespace-pre-wrap break-words\"><a href=\"https:\/\/www.dailynk.com\/20241125-3\/\"><em>Read in Korean<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>North Korea has intensified its crackdown on foreign currency exchanges as market rates continue to climb. In recent weeks, authorities have banished multiple money changers and their families from Sinuiju to rural areas as punishment. \u201cFive money changers have been banished over the past month or so. Some of the families have been allowed to [&hellip;]<\/p>\n","protected":false},"author":256,"featured_media":39438,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wikipediapreview_detectlinks":true,"footnotes":""},"categories":[67,645],"tags":[123,140,273,695,696,714,930,972,1124],"class_list":["post-61976","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-economy","tag-farming","tag-construction","tag-corruption","tag-sinuiju","tag-north-pyongan-province","tag-economy","tag-foreign-currency","tag-finance","tag-crackdowns"],"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 expels money changers amid currency crackdown - North Korea News \u2014 Daily NK | Latest DPRK Updates 2026<\/title>\n<meta name=\"description\" content=\"North Korea has intensified its crackdown on foreign currency exchanges as market rates continue to climb.\" \/>\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-expels-money-changers-amid-currency-crackdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"N. 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