North Korea has long allowed an unusual degree of private trade in foreign currency for a communist bloc country, and a new study has shone a light on just how common it is.
South Korea’s central bank recently published a survey of North Korean refugees that deals with the payment systems in the North last year and found that nearly one in three defectors who remitted money to family in the DPRK sent dollars or yuan. Those sending cash to Pyongyang preferred dollars, while border city destinations were more likely to receive yuan.
North Korea has long allowed an unusual degree of private trade in foreign currency for a communist bloc country, and a new study has shone a light on just how common it is.
South Korea’s central bank recently published a survey of North Korean refugees that deals with the payment systems in the North last year and found that nearly one in three defectors who remitted money to family in the DPRK sent dollars or yuan. Those sending cash to Pyongyang preferred dollars, while border city destinations were more likely to receive yuan.
Andrei Lankov is a Director at NK News and writes exclusively for the site as one of the world’s leading authorities on North Korea. A graduate of Leningrad State University, he attended Pyongyang’s Kim Il Sung University from 1984-5 – an experience you can read about here. In addition to his writing, he is also a Professor at Kookmin University.
Specialist news and analysis,
research tools, and unique data sets
Internet Explorer is not compatible with this website. We instead recommend using Chrome, Edge, Firefox or Safari.
Microsoft ceased supporting IE 10 and older in 2016.
In addition, Microsoft cyber-security chief Chris Jackson has been urging users to stop using the browser since February 2019.
Join the influential community of members who rely on NK News original news and in-depth reporting
Enter your details below
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Forgot Password?
Don’t have an account? SIGN UP
Join the influential community of members who rely on NK News original news and in-depth reporting
Already have an account? SIGN IN
Join the influential community of members who rely on NK News original news and in-depth reporting
Please enter your username or email address. You will receive a link to create a new password via email.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Don’t have an account? SIGN UP
The NK Pro, NK News and KCNA Watch websites do not support private mode or incognito browsing.