NORTH KOREAN WON
북한 화폐 

Currency to Survive

Back in 2009, North Korea decided to change its currency system to try to fix the economy and keep tighter control over the country. They introduced nine different kinds of banknotes and even included coins.

When this happened, the North Korean people had to trade in their old money at rates that the regime set, which were pretty low. Later, due to people complaining, the regime allowed them to exchange more of their old money for new money. They also decided to set prices of things to what they were back in 2002.

But this change didn’t work out as planned. People in North Korea lost faith in their own currency, the North Korean won. The official exchange rate set by the government only affects tourists and people living in big cities like Pyongyang. Everyday people, especially those who make their living buying and selling stuff in markets, have to deal with the rate that the market sets, which can be a lot different.

Nowadays, in the markets, people prefer to use foreign currencies like U.S. dollars or Chinese yuan for buying and selling things. There are even special markets called 'Don Jang' where you can go to exchange these foreign currencies. And you can find money changers, known as 'Dondeko,' walking around busy places ready to exchange currency for you.