North Korea’s financial services sector: state banks versus the “Donju”?
DPRK banks must shake untrustworthy image amid competition for depleting foreign currency
The North Korean government and private merchants are competing for market share in North Korea’s emerging financial services sector, in what appears to be a high stakes scramble for a depleting pool of foreign currency.
Concerned about diminished revenue from abroad, North Korea’s banks have turned to the domestic population as a source of funds, offering a line of modern consumer financial products like debit cards, high yield trust funds, and electronic payments systems to lure users and hopefully attract deposits.
At the same time, private sector financiers have developed a suite of
- 01Hope is not lost: President Biden might actually make progress on North Korea
- 02What North Korea can do right now to stave off a full-blown economic crisis
- 03North Korea upgrades security at Kim Jong Un’s giant Pyongyang mansion complex
- 04At least 14 North Korean ships disguise themselves in international waters
- 05October surprise? What to expect from North Korea ahead of the 2020 US election
- 06How South Korea’s entry into the Indo Pacific initiative will impact North Korea
- 07How Kim’s call for typhoon help exploits cheap labor and builds political unity
- 08North Korean moderates need their power back — or nuclear talks won’t succeed