Jeon, a former official from the northern North Korean city of Hyesan, had two boxes of North Korean won notes totaling 2 million won at his house in 2009, about what it would cost then to buy 60-80 smuggled, second-hand Japanese TVs. He kept a small amount of North Korean won for occasions like donating money to village campaigns to support military units. She asked that her first name be identified using initials, citing worries for the safety of relatives in North Korea. Citing her contacts inside North Korea, Kang said the North Koreans also held onto foreign currency as a safe haven. “My contacts in North Korea told me it’s even hard to find some North Korean bills now.”

Source: The North Africa Journal June 09, 2023 17:03 UTC