North Korea’s largest-ever banknote signals changes underfoot in monetary system
50,000-won denomination appears to be result of state efforts to push enterprises away from using foreign currency
North Korean monetary authorities have reportedly issued 50,000-won notes this year, and this is by far the highest currency denomination the country has ever had, 10 times the face value of the previous highest 5,000-won note.
The circulation of such large banknotes is a rather curious development, but it appears to reflect ongoing changes in the DPRK’s monetary system during the pandemic.
Of particular note is that Radio Free Asia’s report on the 50,000-won notes, which included photos that purported to show the currency, cited multiple sources in the country who confirmed the note
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