November 29, 2023

New book confirms radical changes to North Korean foreign exchange rate system

Recently-released publication offers a rare window into the world of the DPRK monetary policy

A new North Korean publication has confirmed what has been evident and rumored for some time: that markets are integral to the country’s official exchange rates.

In any other country this would be the first sentence in a beginner's textbook on foreign currency markets, but in the DPRK, this marks a major admission of the central role that markets play in North Korean life.