Won North Korean-Wikipedia

Posted on by
before-content-x4

Si ce bandeau n'est plus pertinent, retirez-le. Cliquez ici pour en savoir plus.

The Won North Korean (symbol : ₩  ; code ISO 4217 : Kpw ; in Korean : one , pronounced: / In ʌ n / ) is the currency of North Korea since 1945. It has been divided into 100 chosen (a chosŏn’gŭl: jeon ).

after-content-x4

Won is of the same origin as the Chinese yuan and the Japanese yen. These three money names derive from the sinogram round (one).

Won, ISO KPW code, has become the currency of North Korea , replacing the Korean yen who was still in circulation. The exchange rate is 100 yen for 1 kpw from 1959 [ first ] .

The North Korean won is exclusively intended for North Korean citizens. There « Bank of Trade » created two other currencies: one for exchanges with foreigners, the other for visitors (like what was done in other socialist countries). North Korea has issued two varieties of currencies intended for the use of foreigners: that for visitors from “Socialist country” , which was red, nicknamed « won rouge » [ 2 ] , and another for visitors from “Capitalist countries” , which was blue-green in color, called « won bleu » [ 2 ] . These currencies were used until 1999, then officially abolished in 2002, allowing visitors to pay directly with their national currency, in particular the Euro [ 3 ] .

Since 2012, foreigners (and some privileged premises) can buy goods in “Special won” ( « tied won » ) using local debit cards, which they can credit with their foreign currency (EUR, USD, RMB) at an official bank exchange rate, where 1 euro is the equivalent of 130 “Special won” ( « tied won » ). This card can be used in department stores such as the Pyongyang Department Store No. 1, or in stores located in international hotels. This “Special won” does not exist in banknotes.

In stores and normal markets, products are labeled with the normal won motto ( « untied won » ) which has no lessons fixed as for the “special won”; Bank tickets can then be used [ 4 ] . For example, at the Tongil market and the Kwangbok store (the Chinese market), there are semi-official exchange agents that give banknotes, 10,000 won for a euro (2012) to residents and foreigners, So almost 77 times as much as the “Special won” ( « tied won » ). However prices in normal stores, outside the “Special won” and state stores are based on the exchange rate of « won normal » ( « untied won » ).

Withdrawal of the convertibility of 2.16 kpw for 1 USD [ modifier | Modifier and code ]

Since 2001, the North Korean government has abandoned the emblematic rate of 2.16 kpw for 1 USD (which seems to have been decided according to the birthday of Kim Jong-il, the ) [ 5 ] . Banks in the country emitted in the 2000s at rates closer to the black market.

From the adjustments of , and the devaluation that followed in The currency went from 2.1 kpw = 1 USD to 150 kpw = 1 USD then to 700 kpw = 1 USD (Aligning on the black market) [ 6 ] .

In June 2010, the official exchange rate was 129.559 kpw for 1 USD [ 7 ] . However, strong inflation eroded the value of the North Korean Won. A report of deserters of North Korea claims that on the black market, the rate was 570 kpw for 1 RMB (Chinese yuan), or 4000 kpw for 1 USD) in [ 8 ] .

Won has been reassessed in [ 9 ] , [ ten ] For the first time in 50 years [ 11 ] , [ twelfth ] . The North Korean authorities gave residents of the country seven days to exchange a maximum of 100,000 kpw per person (worth around 40 USD on the black market).

Causes of reassessment [ modifier | Modifier and code ]

The reassessment has been seen as an initiative against private market activities, making the savings disappear from many North Koreans, in particular the middle class (the poor who have not seen any change, only the elite having access to currency foreign) [ 13 ] , [ 14 ] . The announcement was made to foreign embassies, but not with the North Korean state media [ 15 ] , [ 16 ] . The information was then transmitted via a radio service only available in North Korea and the street speakers [ 13 ] , [ 17 ] .

Officially [ modifier | Modifier and code ]

Officially, this operation was initiated by the North Korean government to control price inflation, stabilize the value of the won and allow to regain confidence thanks to centralized management to curb the inequalities generated [ 13 ] , [ 15 ] . The state wanted to present itself as to attack corrupt individuals within the State as well as to the abuse of merchants.

Unofficially [ modifier | Modifier and code ]

The aim of this reassessment was to reduce the influence of the parallel economy [ 13 ] .

Consequences of reassessment [ modifier | Modifier and code ]

As part of the process, the old tickets have ceased to have a legal course on , the new tickets were distributed from the [ 15 ] . This means that the North Koreans could not exchange money to buy goods (or services) for a week [ 15 ] . Between the and the Most stores, restaurants and transport services have been closed for the week. The only services that have remained open were those intended for the political elite and foreigners, who continued to trade exclusively in foreign currency [ 15 ] . The measure had led the North Korean authorities to fear civil disorders. The Chinese news agency Xinhua described North Korean citizens as faced with a ” Collective panic ” [ 18 ] . The bases of the army were put in standby and there would have been public demonstrations in the streets in major cities and North Korean cities which would have forced the authorities to slightly increase the amount of the currency authorized to be exchanged [ 19 ] . Heaps of old tickets have also been burnt down in different places across the country, the old tickets were thrown in a river (in opposition to the desecration of the images of Kim Il-Sung) and two traders of the black market have been killed by local police, in the streets of Pyongsong, according to international reports [ 20 ] , [ 21 ] Following the discontent of small traders and entrepreneurs near the wholesale market in this city [ 22 ] . Authorities have threatened with “relentless punishment” any person breaking the rules of currency convertibility [ 23 ] .

The photos of the new tickets were published on , in Chosun Shinbo, a North Korean newspaper based in Japan [ 24 ] , [ 25 ] . The document shows the desire to weaken the private market (and market economy) to strengthen the country’s socialist system [ 26 ] . However, Won dropped 96% compared to the US dollar during the days following the reassessment [ 27 ] . According to a report, however, North Korea has reversed on certain aspects of the re -evaluation following a riot of traders who led to twelve executions [ 28 ] . The authorities ended up raising the limit to 500,000 won. The Chosun newspaper said that the authorities have promised not to investigate savings of more than a million won and unlimited withdrawals if savings of more than a million won are duly justified.

This reassessment has created a real resentment of the people [ 29 ] .

Political consequences [ modifier | Modifier and code ]

In , some of the restrictions on the free market were attenuated the regime that probably became aware of having done too much [ 29 ] , and a senior party official was dismissed after incidents [ 30 ] .

Pak Nam-Gi (or Pak Nam GI), the director of the Finance Department, responsible for the implementation of the monetary reform, was dismissed and would have been executed in 2010 [ 29 ] After a decision made by the labor party [ thirty first ] , [ 32 ] , [ 33 ] .

Mun Il-Bong (Minister of Finance from 2000 to 2008) was allegedly killed in 2010 after the revaluation of the won in [ 34 ] .

North Korea has denied the existence of serious crises linked to the reassessment [ 35 ] .

  • Pièce de 1 chon sans étoiles

    Star -free chon piece

  • Pièce de 1 chon avec une étoile

    1 chon piece with a star

  • Pièce de 1 chon avec deux étoiles

    1 chon piece with two stars

  1. ↑ (in) Lee-Jay Give et Kim, Yoon Hyung, Economic systems in South and North Korea : the agenda for economic integration , Korea Development Institute, (ISBN  978-89-8063-001-1-1 ) , p. 161
  2. ↑ a et b (in) ‘ The Color of North Korean Money » (consulted the )
  3. ↑ (in) Owen Linzmayer , The Banknote Book , San Francisco, Ca, www.banknotenews.com, ( read online ) , « North Korea »
  4. ↑ (in) Black Market cash: the real value of N. Korean Won, NK News, September 1, 2014 http://www.nknews.org/2014/09/black-market-cash-the-real-value-OF-n- korean-won/
  5. ↑ (in) James Hoare Et pairs, Susan, North Korea in the 21st century : an interpretive guide , Global Oriental, , 253 p. (ISBN  978-1-901903-96-6 ) , p. 145
  6. ↑ Philippe Pons, North Korea, a changing gear state , Paris, Gallimard, coll. “The suite of time”, , 720 p. (ISBN  978-2-07-014249-1 ) , page 434 + lower page number 2
  7. ↑ USD to KPW exchange rate, XE.com . Retrieved 2010-06-22.
  8. ↑ Yong, Lee Sang (June 24, 2009). The Color of North Korean Money . Daily NK .
  9. ↑ Ho, Jung Kwon (November 30, 2009). North Korea Replaces Currency “Archived copy” (version of December 12, 2009 on Internet Archive ) . Daily NK .
  10. ↑ Choe Sang-Hun (December 9, 2009) New York Times (Global Business), “North Korea Revalues Its Currency”
  11. ↑ The Wall Street Journal, Wednesday December 2, 2009 North Korea Reissues Won, a Blow to Unofficial Economy
  12. ↑ The Wall Street Journal, Thursday December 3, 2009 North Korea Begins Won Swap, Curfew
  13. ↑ A B C and D Pons 2016, p. 472
  14. ↑ Harden, Blaine (December 2, 2009). ‘North Korea revalues currency, destroying personal savings’ . The Washington Post .
  15. ↑ A B C D and E Parry, Richard Lloyd (December 2, 2009). North Koreans in shock as cash is ‘banned’ . The Times .
  16. ↑ Currency reform sparks anger in North Korea . Press TV. December 2, 2009.
  17. ↑ Hyun, Kim (December 2, 2009). N. Korea’s official media silent about currency reform . Yonhap.
  18. ↑ North’s currency action shocking to its citizens . Joongang Daily . December 3, 2009.
  19. ↑ (in) David McNeil , ‘ North Koreans dares to protest as devaluation wipes out savings » , The Independent , London,‎ ( read online )
  20. ↑ (in) Evan Ramstad , ‘ North Koreans Protest Currency Issue » , The Wall Street Journal , ( read online )
  21. ↑ (in) ‘ North Koreans burn bills over currency reform » , The China Post , ( read online )
  22. ↑ Philippe Pons, North Korea, a changing gear state , Paris, Gallimard, coll. “The suite of time”, , 720 p. (ISBN  978-2-07-014249-1 ) , page 472
  23. ↑ (in) ‘ N Korea cash switch ‘sparks panic’ » , Al Jazeera , ( read online )
  24. ↑ (in) Park Cook , ‘ New Denomination Images Unveiled » , Daily NK , ( read online )
  25. ↑ (in) Donald Kirk , ‘ North Korea admits drastic currency reform, is silent on protests » , The Christian Science Monitor , ( read online )
  26. ↑ (in) AFP , ‘ Currency change cripples N.Korea markets: report » ,
  27. ↑ (in) Life Lim , ‘ North Korean Won Plunges 96% After Government Revaluation » , Bloomberg LP , ( read online )
  28. ↑ (in) ‘ N.Korea backtracks on currency change: report » , AFP , ( read online )
  29. ↑ A B and C Pons 2016, p. 473
  30. ↑ (in) Richard Lloyd Parry , ‘ Food shortages and violence mount in North Korea as Utopian dream fails » , The Times , London,‎ ( read online )
  31. ↑ “PAK-NAM-KI martyr of the re-evaluation” of WON, Release .
  32. ↑ Shot for missing the monetary reform, franceinfo .
  33. ↑ (in) ‘ North Korea Executes Official for Currency Reform, Yonhap Says » , Bloomberg,
  34. ↑ Philippe Pons, North Korea, a changing gear state , Paris, Gallimard, coll. “The suite of time”, , 720 p. (ISBN  978-2-07-014249-1 ) , Page 412 FOOD NOTE 4
  35. ↑ (in) ‘ North Korea Says No Chaos After Currency Reform » , Associated Press,

after-content-x4