What is the currency in North Korea?
9298034#10
The yen was the currency of Korea during the Colonial rule, from 1910 to 1945, and was issued by the Bank of Joseon It was equivalent to the Japanese yen and consisted of Japanese currency and banknotes issued specifically for Korea. It was replaced by the South Korean won at par in 1945, and by the North Korean won in 1947.
Korean currency
3754883#0
The Korean yen was the currency of Korea between 1910 and 1945. It was equivalent to the Japanese yen and consisted of Japanese currency and banknotes issued specifically for Korea. The yen was subdivided into 100 sen. It replaced the Korean won at par and was replaced by the South Korean won and the North Korean won at par.
Korean yen
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Estimating gross national product in North Korea is a difficult task because of a dearth of economic data and the problem of choosing an appropriate rate of exchange for the North Korean won, the nonconvertible North Korean currency. The South Korean government's estimate placed North Korea's GNP in 1991 at US$22.9 billion, or US$1,038 per capita. In contrast, South Korea posted US$237.9 billion of GNP and a per capita income of US$5,569 in 1991. North Korea's GNP in 1991 showed a 5.2% decline from 1989, and preliminary indications were that the decline would continue. South Korea's GNP, by contrast, expanded by 9.3% and 8.4%, respectively, in 1990 and 1991.
Economy of North Korea
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North Korea has the structural profile of a relatively industrialized country where nearly half of the Gross Domestic Product is generated by industry and human development is at medium levels. Purchasing power parity (PPP) GDP is estimated at $40 billion, with a very low per capita value of $1,800. In 2012, Gross national income per capita was $1,523, compared to $28,430 in South Korea. The North Korean won is the national currency, issued by the Central Bank of the Democratic People's Republic of Korea.
North Korea
4136832#0
The won is the currency of both North and South Korea. "Won" is a cognate of the Chinese currency unit, the yuan (//), and the Japanese currency unit, the yen (; ¥), meaning "round object". The won is subdivided into 100 jeon ().
Etymology of the Korean currencies
298883#0
The won (; , ; symbol: ₩; code: KPW) or Korean People's won is the official currency of North Korea. It is subdivided into 100 "chon". The won is issued by the Central Bank of the Democratic People's Republic of Korea, based in the capital city, Pyongyang.
North Korean won
9298034#4
In 1902, won was introduced as the official currency unit replacing yang at 1 won = 5 yang. The bank of Korea was established 1909 but soon after in 1910, Imperial Japan annexed Korean Empire. Under Colonial rule, the country was made to use the currency unit "yen" in the name of Korean yen, which took over the Korean won at par. After the division of Korea, the state of South Korea was established and recognized in 1948, and won was again made the official currency of the new state. "jeon" was made the subunit of the currency that divided it into 100 equal parts. Bank of Joseon issued the currency for independent South Korea for the first time that too in banknotes only.
Korean currency
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Special taxation laws also affect the special economic zones in North Korea (in particular the Kaesong Industrial Complex) where foreign companies are allowed to operate. There is therefore corporate tax in North Korea, as outlined by the Processing Trade Law, Lock Gate Law and Copyright Law, and related legislation, including laws on tax evasion. An estimate of this corporate tax in early 2000s was for 10-14%. North Korean workers there are subject to the usual indirect taxation: their wages are paid in hard currencies by foreign companies to North Korean government, which then pays the workers in North Korean currency, minus the value of "insurance taxes and socio-cultural fees". A 2013 estimate for the tax on individual workers suggested that the state takes 45% of their wages in a form of a tax.
Taxation in North Korea
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Counterfeiting currency is alleged to have begun in the 1970s under Kim Jong-il's direction; however, the notes produced at the time were not of high quality. Since then, and within the jurisdiction of Room 39, the North Korean government has counterfeited $50 and $100 United States banknotes using increasingly sophisticated techniques. In 1994, authorities in Hong Kong and Macao apprehended five North Korean diplomats and trade-mission members carrying around $430,000 in bills that turned out to be "superdollar" (also called "supernote") counterfeits. There have been two primary reasons for counterfeiting: the first is to wage economic warfare against the United States, and secondly, to help ease North Korea's domestic economic problems. According to a report by Dr. Balbina Hwang of American University, North Korea circulated $100 million in counterfeit currency in 2001. The revenues from this are estimated at between $15 million and $25 million annually. In 2013, the United States released its newly redesigned 100 dollar bill. The primary purpose of the redesign was to fight against counterfeiting and prevent the recurrence of the "supernotes" which were produced by North Korea.
North Korea's illicit activities
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Those who have hard currency can easily buy imported cigarettes from hard currency shops, although these will also stock the best domestic brands (such as Pak Ma, comparable in quality to makhorka) to convince tourists of the quality of North Korean tobacco. Cigarettes are popular gifts, and tourists are recommended to give Western brands of cigarettes to tour guides. Within the country, cigarettes are used as form of currency in bribery.
Those who roll their own tobacco prefer to use sheets of "Rodong Sinmun"—the organ of the Central Committee of the ruling Workers' Party of Korea—as rolling paper. One piece of the paper can be used to roll some 40-50 cigarettes. According to one defector, when a North Korean "starts to smoke the "Rodong Sinmun" tobacco, he cannot smoke other kinds of tobacco. I used to smoke the "Rodong Sinmun" tobacco, and after defection, couldn't smoke with Chinese paper tobacco due to the poor taste." Because the "Rodong Sinmun" is in limited circulation, most North Koreans roll their cigarettes with some other paper.
Smoking in North Korea