Extra! Korea

December 25, 2009

Report: North Korean currency reform was idea of Kim Jong-il’s son

Filed under: economics, Kim Jong-il, North Korea — extrakorea @ 8:41 am

According to this article, the Great North Korean Currency Reform* was the brainchild of Kim Jong-il’s son, Jong-un.

The currency reform was suggested by a team under Kim Jong-un and the senior Kim approved the suggestion, the Open Radio for North Korea reported quoting an “internal source” in North Korea.

The radio said Kim Jong-un’s team judged that North Korea’s economic measure on July 1, 2002 was not proper to be applied for the “Kim Jong-un era” and asserted that the junior Kim, dubbed as the heir to his father, forced the measure to collect cash circulated in the private sector.

The currency reform was designed to create a basis for reform and openness under Kim Jong-un by raising the value of the North Korean currency and countering inflation, the report said.

If true, then Kim Jong-un is responsible for the worst unrest in North Korea in a long time. If he does succeed his father, then the agony that North Koreans have been suffering might look like Disneyland under the new regime.

* Described in detail by Kushibo (here, here, here, here, and here) and One Free Korea (here, here, here, here, here, here, here, here, and here)

Advertisements

1 Comment »

  1. […] @ 1:32 pm The Chosun Ilbo has an article about the runaway inflation that has taken place since their currency was reformed. According to a North Korean source, 1 kg of rice cost about 30 won right after the currency reform […]

    Pingback by North Korea is suffering runaway inflation « Extra! Korea — January 6, 2010 @ 1:33 pm


RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Blog at WordPress.com.

%d bloggers like this: