- The black market prices 200 Won for a Dollar
On January 15, 2010, a Chinese-Korean businessman dealing with North Korea reported that the government has set up a branch of Chosun Central Bank in the custom office near the Chinese border, and is exchanging foreign to new NK currency to foreigners. Prior to 2009, there wasn’t any foreign currency exchange service in the Shin-ui-ju customs. The businessman also said that beginning of January 1st, a $100 was exchanged for 3,000 new won, which is 30won per dollar.*
The government had declared no personal usage of foreign currency in the country as of January 1, and the former affair seems to be determination on the government’s part to carry it out.
The old currency was exchanged 134 won for a dollar. But after the currency reform, it has risen to 3,500 won per dollar. If 100 old won is equivalent to a 1 new won at face value, the current exchange rate of 30 won for $1 is close to the black market price in the past.
However, by January 20, the black markets near the borders are exchanging 200 won for every $1.
On January 7, China’s Xinhua news agency, in the International section, reports that on January 1st, the new NK currency was exchanged at 96.9 won for $1. However, at the same time, in Shin-ui-ju, NK banks were exchanging $1 for 30-35 won. Considering that we also reported that $1 was exchanged for 30 won, the misgiving of Xinhua that $1 is exchanged for 96.9won is questionable