As the yuan is extensively spreading in North Korea, preference of it is also preceding dollar. Since the March of Tribulation, dollarization in North Korea has been gradually spreading and has been used more in international trade and also in local markets than North Korean currency. However, as dealings with the Chinese yuan are currently increasing, many North Korean people prefer the yuan to the euro and the dollar.
Open Radio for North Korea’s source in North Korea reported on the 26th, “All trade in the North and China border regions are made in yuan and buying and selling in markets are also made in yuan.” The source also added, “Even daily necessities such as rice, tooth brushes, tooth paste, vegetables, etc., which used to be sold in North Korean currency, are now sold in yuan.”
The source went on, “In recent years, the harvest has not been good in North Korea so they imported fruits, chili peppers, garlic, cabbage, and radishes from China. Since agricultural products that are imported from China are sold in market, the yuan is naturally circulating in North Korea.”
The yuan was not circulating actively in North Korea except in the North and China border regions until the early 2000s. This is because the North Korean authorities only allowed trade through dollars and euros. However, the source reported that this phenomenon is happening as trade with China is active along the Chinese border regions. As international sanctions on North Korea continue Chinese industrial and agricultural products are dominate the North Korean black market.
The source said that illegal trade of the dollar is now rapidly changing to illegal trade of the yuan.
Meanwhile, the North Korean people are forced to donate money for the reconstruction of a research lab (Research Lab of Revolution History of Kim Il Sung and Kim Jong Il) in Hyesan, Yangkang Province, which started since last month. People need to donate money in yuan and each People’s Unit has to voluntarily pay 16 yuan, the source reported.
Source: Open Radio for North Korea
