February 24, 2024

US dollar drops by 20% in North Korea, signaling government market manipulation

Devaluation is latest policy apparently designed to decrease the volume of foreign currency in circulation

The U.S. dollar took another big hit in North Korea and dropped by about 20% in market value, several sources told NK News. However, there are conflicting reports about when exactly this happened.

In recent weeks, the market value of the U.S. dollar dropped from 8,000 KPW to 6,500 KPW, according to multiple informed sources who spoke with NK News on the condition of anonymity. The decrease took place at exchange kiosks, which cannot be used by foreigners.