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Dec 29, 2020
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Hard foreign currency removed from circulation in DPRK – media

The DPRK authorities have issued a directive to more than 500 free retail markets banning the use of hard foreign currency in settlements, the Japanese newspaper Asahi reported, citing South Korean government sources.

According to the source, these measures were initiated by the arrest and execution of a large underground businessman who controlled a significant part of the currency exchange in Pyongyang.

The DPRK initially had a socialist rationing system for the distribution of goods and foodstuffs, which could not withstand the severe economic crisis in the 1990s.

The current leader of the DPRK, Kim Jong-un, carried out reforms, during which enterprises and peasants were allowed to freely sell up to 70% of their products, which formed a certain model of a market economy in the country, which they now want to take under control.

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