- 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