Central Banking

North Korea drastically revalues currency

north-korean-won

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

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