In a recent acquisition, Daily NK obtained a nine-page document distributed by North Korean authorities emphasizing the importance of stabilizing exchange rates for the nation’s fate. The document lacks specific measures to lower the rates but urges active participation in stabilizing them. North Korean officials blamed the exchange rate’s sharp rise on rumors and psychological unease, implementing strict directives to curb speculation and maintain control over currency exchange. The government introduced new measures, such as state-controlled goods distribution and electronic payment promotion, to stabilize the exchange rate comprehensively.
However, individuals, indoctrinated on these policies, argue that they suppress economic activities and harm livelihoods. Market exchange rates are higher than the official rate, creating concerns about potential consequences of implementing the guidelines. Despite efforts to enforce the official exchange rate of 8,900 won to the dollar, public knowledge and compliance remain low. Daily NK’s sources express serious concerns about the document’s impact on existing trade practices. The push for economic control in North Korea continues to face resistance and skepticism from those directly impacted by these policies.
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