Why North Korea’s currency is hemorrhaging value at unprecedented levels



Analysis Why North Korea’s currency is hemorrhaging value at unprecedented levels Exchange rate has soared on the back of trade rebound and wage hikes, potentially squeezing citizens with higher costs Peter Ward June 8, 2026 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON Image: KCTV The value of North Korea’s currency against the U.S. dollar has cratered to historic lows in recent months, a development that raises concern about increased prices further squeezing the country’s struggling citizens. The DPRK’s exchange rate has reached over 70,000 North Korean won (KPW) to the dollar as of May 24, according to the latest data from Daily NK, double the rate on Feb. 1 and roughly triple the rate from May 2025. By comparison, the KPW largely traded around 8,000-9,000 won from 2013 to 2024, meaning that its value has fallen over eightfold in just the Read More © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01Chinese authorities seize smuggled goods bound for North Korea: records 02Likely Russian ship docks in North Korea’s Rason port for first time since May 03Trump doesn’t need a grand deal with Kim, but rather small coordinated actions 04North Korean trade with China rises 3.7% in August thanks to wig exports: data 05North Korea tensions expose Seoul’s uneasy relationship with UN Command 06North Korea’s politburo meeting hints at secret changes to senior officials 07The bureaucracy test: Signs to look for before a Trump-Kim summit 08China has reasons to like Trump’s North Korea outreach — and reasons to worry 09North Korea’s old alliance with Tanzania quietly finds new life 10North Korea has named its price for reopening UK’s embassy in Pyongyang

Analysis

Why North Korea’s currency is hemorrhaging value at unprecedented levels

Exchange rate has soared on the back of trade rebound and wage hikes, potentially squeezing citizens with higher costs

Peter Ward June 8, 2026

Why North Korea’s currency is hemorrhaging value at unprecedented levels

Image: KCTV

The value of North Korea’s currency against the U.S. dollar has cratered to historic lows in recent months, a development that raises concern about increased prices further squeezing the country’s struggling citizens.

The DPRK’s exchange rate has reached over 70,000 North Korean won (KPW) to the dollar as of May 24, according to the latest data from Daily NK, double the rate on Feb. 1 and roughly triple the rate from May 2025.

By comparison, the KPW largely traded around 8,000-9,000 won from 2013 to 2024, meaning that its value has fallen over eightfold in just the

01Chinese authorities seize smuggled goods bound for North Korea: records
02Likely Russian ship docks in North Korea’s Rason port for first time since May
03Trump doesn’t need a grand deal with Kim, but rather small coordinated actions
04North Korean trade with China rises 3.7% in August thanks to wig exports: data
05North Korea tensions expose Seoul’s uneasy relationship with UN Command
06North Korea’s politburo meeting hints at secret changes to senior officials
07The bureaucracy test: Signs to look for before a Trump-Kim summit
08China has reasons to like Trump’s North Korea outreach — and reasons to worry
09North Korea’s old alliance with Tanzania quietly finds new life
10North Korea has named its price for reopening UK’s embassy in Pyongyang

Why North Korea’s currency is hemorrhaging value at unprecedented levels

LATEST ANALYSIS

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Peter Ward