New N.Korean Currency's Value 'Anyone's Guess'

  • Arirang News

    January 27, 2010 11:56

    North Korea is struggling to apply its new official foreign exchange rate, revised on Jan. 1, to hotels and shops in Pyongyang, according to a source.

    A foreign diplomat stationed in Pyongyang said that the exchange rate is still "fuzzy," citing hotel exchange rates in the capital dropping to W40 to one euro and rising to W51 a few days later. This is even after the North's Central Bank initially set the rate at W138 to one euro earlier this month.

    The source also said that shops near railway stations had stacks of goods unsold due to uneven prices.

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