Free Republic

Bartering is Back in North Korea By Yoo Gwan Hee, from South Pyongan in 2008 [2010-01-20 16:27 ] As predicted by experts on North Korea’s economy, since the authorities have yet to officially release state prices, the North Korean people are now surviving by bartering. A defector, who spoke with his family in North Hamkyung Province on Tuesday, reported the news to the Daily NK, “I called my family to send some money to them as I had heard they were in trouble, and they told me that the current situation is unspeakably terrible. They live only by bartering with...

Before currency reform, food price in Pyongyang and Chongjin (in old denomination per kg) Between Sept. and Nov., 2009, rice: 1800~2400 won, corn: 800~1100 won After currency reform, rice price in Pyongyang and Chongjin (in new denomination per kg) date rice pricein new won contributing factor Dec.2009 1st ~ 9th  20~ 25 government institutes currency reform1 new won = 100 old won 10~15th  30~ 45 price in new currency would not settle properly, and price rises 20~30th  50~ 60 Public Security impose ban on the use of foreign currency on Dec. 28; price rises Jan.2010  1st~5th  80~120 price doubled...