The volatile market prices are rising and the exchange rates are fluctuating in North Korea. The changes have come on the run-up to the first anniversary of the death of Kim Jong Il. This latest increase in market prices finishes a year which has seen rice prices, in particular, more than double.
Rice prices are currently sitting at 6,500 won compared to 6,000 won before the announcement of the latest mourning period for Kim Jong Il.
Kim Jong Il’s death brought about significant clamping down on the economic activities of citizens. Markets were forced to close for a few days after the death which resulted in increased market prices. On top of that, the regime has ordered harsher restrictions on travel and illicit border-crossing which has also impacted on trade.
An ethnic Korean living in China told the Daily NK that, “Even in cases where we have been granted quotas, the goods are unable to enter North Korea.”
Such trade difficulties are impacting on exchange rates with 1,400 won being worth 1 yuan on the 6th.
Source: the Daily NK
