North Korean misery as currency evaporates

Malcolm Moore
London Telegraph
Thursday, Dec 3rd, 2009

North Korea has been plunged into chaos, and its shops and markets paralysed, by a shock announcement from the government that it would devalue the country's currency by a factor of 100 to one.

Any larger sums must be deposited in bank accounts, to which North Koreans do not have free access. The move will leave millions of people with worthless banknotes in their possession.

The devaluation has triggered panic in the streets. Shops and markets have been ordered to close their doors and remain shut during the week-long exchange of bills, according to Good Friends, a Seoul-based welfare group.

On the black market, rice has soared in price 20-fold and the cost of a block of tofu has risen from 500 won to 10,000 won (Pounds47.50 at the official exchange rate) according to the Chosun Ilbo, a South Korean newspaper.

Full article here

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