N. Korea issues new bank notes to flush out cash
Publish Date: Aug 01, 2014
N. Korea issues new bank notes to flush out cash
A Chinese vendor displays what she claims are North Korean bank notes to tourists in Dandong, Liaoning Province
  • mail
  • img

SEOUL - North Korea has started issuing new bank notes in an apparent effort to flush out privately hoarded cash reserves, according to South Korea's National Intelligence Service (NIS).

In a briefing to a parliamentary committee, the NIS said the new notes were issued from July 30, Yonhap news agency reported Friday.

Old bank notes can be exchanged or used for an unspecified grace period after which they will cease to become legal tender, the NIS said.

"This is apparently aimed at compelling people to cough up their cash hoards," Lee Cheol-Woo, a lawmaker with the ruling Saenuri Party, told Yonhap after Thursday's briefing.

North Korea has a thriving black market which has, to some extent, supplanted the state goods distribution system.

The widespread use of other currencies, especially the Chinese yuan, has also given rise to an unofficial currency exchange system.

The issuance of the new notes did not appear to be accompanied by any actual currency reform like the disastrous revaluation attempted in 2009.

Implemented during a backlash against emerging private markets, the devaluation wiped out personal savings and triggered rare public protests.


The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact

  • mail
  • img
blog comments powered by Disqus
Also In This Section
IS claims deadly Tunisia bus bombing
The Islamic State group on Wednesday claimed the bombing of a presidential guard bus in the Tunisian capital that killed at least 12 people....
Kenyan president fires five graft-tainted ministers
President Uhuru Kenyatta fired five government ministers embroiled in corruption scandals in a cabinet reshuffle late Tuesday amid growing criticism of runaway graft in Kenya....
Germany to send 650 troops to Mali to relieve France
Germany will send up to 650 soldiers to Mali, Defence Minister Ursula von der Leyen said Wednesday, to provide some relief to France in its global fight against the Islamic State jihadists....
Nigeria faces separatist pressure over oil wealth sharing
When Boko Haram captured territory in Nigeria's northeast last year and declared a caliphate, there were real fears for the sovereignty of Africa's most populous nation....
Turkey shoots down Russian war plane on Syria border
NATO member Turkey on Tuesday shot down a Russian fighter jet on the Syrian border, threatening a major spike in tensions between two key protagonists in the four-year Syria civil war....
US issues global travel alert due to
The United States issued a worldwide travel alert on Monday warning American citizens of "increased terrorist threats" in the wake of the Paris attacks...
Is Uganda ready for the pope's visit?
Can't Say
follow us
subscribe to our news letter