North Korea devalues currency as reforms continue

New currency exchange offices have been set up in various areas of the North Korean capital Pyongyang. The offices are manned by central bank personnel, sources knowledgeable about the country said. North Korea began exchanging the won using an official rate of about 900 won to the dollar, down sharply from a rate of 150 won fixed after a devaluation last year, and also switched to floating exchange rates, the report said.

Source: Reuters

North Korea, which is embroiled in a diplomatic stand of

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