North Korean currency revaluation

07Dec09

Seems that North Korea has revalued its currency to rein in economic activity outside the state-controlled system. See the NKEconwatch article here and multiple references even in the mainstream media.

Composite image below shows some old won notes on the left, and their replacements on the right.

In theory, 135 old won should get you a US dollar – slight depreciation since last September when the official exchange rate was 128 won.

Pre-revaluation, the black market rate was allegedly 2,000-3,000, though and in the short run, I imagine the Won would have weakened dramatically following the announcment of the revaluation. No idea what the black market rate was last September when this picture was taken.

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2 Responses to “North Korean currency revaluation”

  1. 1 efdixon

    great stuff. I collected bills too…. and looks like we took some of the same pics! Thanks for the articles; great read.

  2. Yes, looking around the web, all the pictures of North Korea are very similar – I think because they put all the tourists through the same exact itineraries. Unfortunately I didn’t manage to get any of the North Korean won banknotes. Ironically would have appreciated in value because all the old notes were withdrawn from circulation. 🙂


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