Inflation Creates a North Korean “Dollar Economy”
Daily NK had one last fascinating report today, about North Korea’s worsening inflation and the burgeoning black market in dollars that has resulted. The dealers are increasingly sophisticated and brazen, plying their trade in front of major hotels and getting exchange rate updates by cell phone: High inflation is continuing in North Korea. Price of dollar in the blackmarkets in Pyongyang was â–² 950 Won/1$ in Nov. 2003 â–² 1,245 Won in May 2004, â–² 2,200Won in Feb 2005 and...