North Korea is revaluing its currency, knocking two zeroes off its existing banknotes in a process that began on Tuesday, according to a large number of sources.
Yonhap, a South Korean news wire; Reuters, a news wire; and Daily NK, a news website, all reported that the currency reforms had been announced on Monday through the state-run cable broadcast system. North Koreans will have until Sunday to convert their existing won holdings at a ratio of 100:1, such that an existing Won 1,000 banknote
- Turkish central bank carries out emergency rate hike as currency falls
- Podcast: San Fran Fed’s Daly on gender inequality in central banks
- US House passes deregulation bill with bipartisan support
- Philippines central bank launches reorganisation
- Dudley calls for ‘aggressive action’ on benchmark reforms