New foreign currency vouchers into full circulation
Foreign currency vouchers, which can be exchanged for foreign currency, were first issued by North Korea’s Central Bank in 1979. North Koreans were able to use them at foreign currency shops in the 1980s and 1990s.
However, inflation set in as North Korean authorities over-issued the vouchers, and foreign exchange shops found themselves unable to exchange the vouchers for cash at banks.
Circulation of the vouchers fell as their value plummeted. Ultimately, they were abolished with economic reforms implemented on Jul. 1, 2002.
As part of desperate measures to fix the country’s shortage of foreign exchange, North Korea is apparently trying to re-issue the vouchers. ......
[Source: Daily NK]
