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June 17, 2025Jun 17, 2025

ABOUT THE AUTHOR

Peter Ward

Peter Ward

Peter Ward is a research fellow at the Sejong Institute. His work focuses on North Korean politics, the economy and society. He has a Ph.D. from the University of Vienna.

Analysis

How North Korea’s Foreign Trade Bank sets official exchange rates

Data offers some insights into a notoriously opaque system

Peter WardPeter WardNovember 6, 2018
Analysis

Nepotism, dysfunction, and corruption: the leader’s complaints about DPRK banking

A 2015 speech contained some frank admissions about the state of the North's finance sector

Peter WardPeter WardNovember 1, 2018
Analysis

North Korea’s foreign trade system: big players and a gradual opening-up

Recent reforms may be a step towards making DPRK enterprises more competitive on international markets

Peter WardPeter WardOctober 19, 2018
Analysis

One country, two systems: explaining North Korea’s dual exchange rates

A legacy of the DPRK's past, the current system has some practical benefits

Peter WardPeter WardOctober 12, 2018
Analysis

Paid in full: North Korea’s changing wage system

Official sources suggest employers have increased freedom to hand out bonuses and benefits

Peter WardPeter WardOctober 1, 2018
Analysis

Markets under Kim Jong Un: understanding the new scope of DPRK enterprise

Official publications point to a growth in the range of transactions that SOEs can engage in

Peter WardPeter WardSeptember 25, 2018
Analysis

The Pyongyang Joint Declaration: some key takeaways

While missiles will grab headlines, the economic component may prove the most consequential

Peter WardPeter WardSeptember 19, 2018
Analysis

How North Korea fits into China’s Belt and Road Initiative

Obstacles to joining BRI remain despite existing investment relationship

Peter WardPeter WardSeptember 6, 2018
Analysis

North Korean enterprise and collective farm reform: what next?

Property rights will require a major overhaul if the DPRK is to experience any real development

Peter WardPeter WardAugust 13, 2018
Analysis

Price setting in North Korea: From marketization to institutionalization

Analysis suggests the market has moved from the margins of the DPRK economy to the center

Peter WardPeter WardAugust 6, 2018