DPRK revalues currency

13:04, December 01, 2009      

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The Democratic People's Republic of Korea (DPRK) revalued its currency, with the exchange rate between the old and new bills at 100 to 1, according to a Foreign Ministry's oral notice to foreign embassies on Tuesday.

It was the first time in 17 years that the DPRK revamped its currency. No reasons were disclosed for the sudden change.

The current won bills could be exchanged with the new ones during the period from Monday to Sunday. Foreigners need their passports and relevant certification for the conversion, a DPRK Foreign Ministry official said.

The won bills were denominated at 5000, 1000, 500, 200 and 50, and 100 won and 50 won in coins. The new currency's denominations are not yet known.

Pyongyang's state-run shops were closed on Tuesday morning. A saleswoman told Xinhua that shops would reopen one week later after the new prices for the commodities were set by the government.

Source: Xinhua
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