Rumors of Customs Reopening Boost KPW-RMB Exchange Rate in North Korea
The North Korean won (KPW) to Chinese yuan (RMB) exchange rate has been on the rise in Hoeryong, North Hamgyong Province, as rumors circulate that customs houses will reopen starting next month.
The yuan, which traded at KPW 1,100 last week, rose to KPW 1,280 as of April 26 and appears to be heading back to the pre-pandemic rate of around KPW 1,300. The exchange rate in Hyesan, Yanggang Province, has also increased to KPW 1,300. The surge in demand for yuan is due to rumors about the reopening of customs houses and the resumption of smuggling activities.
However, money changers are proceeding with caution, as further delays in reopening could lead to a drop in the exchange rate.
[Source: Daily NK]
