North Korea confiscates dollars and yuan after declaring foreign currency illegal
North Korea has banned the use of foreign currency and begun confiscating yuan and dollars from citizens by stopping them on the street for random searches. Citizens are ordered to exchange their foreign currency for the domestic won, which they do not trust due to past experiences of inflation and revaluation. However, the new won-only policy could indicate that authorities are collecting foreign currency to prepare for a total resumption of trade with China, which was suspended at the beginning of the coronavirus pandemic in 2020. The policy was announced during weekly neighborhood watch unit meetings, and those who refuse to exchange their foreign currency risk being randomly stopped and searched by police. Most residents are protesting the government’s ban, citing the worn-out condition of the domestic bills and lack of faith in the won.
[Source: RFA]
