North Korea closes exchange centers amid currency crisis
Foreign currency service centers near markets and foreign-currency shops in North Korea are being consolidated. This move seems to stem from the authorities' increasing difficulty in managing exchange rates, which have been continuing to surge.
According to a Pyongyang-based source recently, the number of foreign currency service centers had grown since last year, but many are now being merged with nearby centers or absorbed into state-run foreign exchange service centers, News.Az reports citing foreign media.
North Korea classifies currency exchange offices inside banks as state-run foreign exchange service centers, while branch-type exchanges located near markets, department stores, and foreign-currency shops are categorized as foreign currency service centers.
Locals often refer to official foreign currency service centers simply as foreign currency service centers, but according to the source, these centers are now being consolidated or shut down.
As of May, foreign currency service centers in Pyongyang and other major cities were still handling euros, yen, and rubles, but these are now handled only by official banks. “Earlier this month, the central authorities issued an order suspending the handling of euros, yen, and rubles at foreign currency service centers,” the source said.
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