Allowing people to use foreign currency at state-run food shops
The move suggests the authorities have adopted a strategy to absorb more foreign currency as tough international sanctions and the COVID-19 pandemic amplify the country’s economic troubles.
A source in North Hamgyong Province told Daily NK on Tuesday that the authorities recently issued an order allowing people to use foreign currency when they purchase food at state-run food shops. Accordingly, many people have purchased food in yuan at shops located throughout Hoeryong.
According to the source, the authorities stressed in the order that people could use foreign currency in accordance with “local characteristics.” In short, North Korea’s leadership wants to ensure that people can use the foreign currency in their possession – whether yuan or dollars – to buy needed items.
In fact, when the authorities provided 10 days of food per family in mid-September to mark the foundation of the country on Sep. 9, they told residents of Hoeryong that “Chinese money can be used [to make the purchases]” and that “it is more advantageous [to use Chinese money] rather than domestic currency [KPW] to buy things.” ......
[Source: Daily NK]
