That North Korea has a black market where families earn most of their money, and that the regime has learned to tolerate a certain degree of capitalist activity is well-documented.
Less-discussed, perhaps, is what this activity means for the North Korean won, which itself has a black market rate far below what officials claim it is worth. With its value having long been eroded by inflation, the official worth of the currency – apparently pegged to the Chinese currency, which itself is pegged to the dollar – only counts at specific locations in the country, a source told NK News.
That North Korea has a black market where families earn most of their money, and that the regime has learned to tolerate a certain degree of capitalist activity is well-documented.
Less-discussed, perhaps, is what this activity means for the North Korean won, which itself has a black market rate far below what officials claim it is worth. With its value having long been eroded by inflation, the official worth of the currency – apparently pegged to the Chinese currency, which itself is pegged to the dollar – only counts at specific locations in the country, a source told NK News.
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