May 16, 2021

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North Korea’s market exchange rate for foreigners suddenly drops by more than 9%

The abrupt shift could mean trade and travel restrictions will stay in place for the foreseeable future, experts say

North Korea’s market exchange rate for foreigners suddenly dropped on Wednesday, according to NK Pro’s Exchange Rate Index, hinting that the country’s borders will remain closed for the foreseeable future.

The U.S. dollar dropped by 12.5% from 8,000 KPW to 7,000 KPW, while the euro dropped 9.3% from 8,600 to 7,800 KPW, an informed source said. This ends a discrepancy that had allowed foreigners to exchange cash at more favorable rates than locals over the last three months.