North Korea issues new currency: citizens burn piles of old money in protest

12/09/2009 Mises Wire Douglas French

North Koreans are protesting after the government “seized most of its citizens’ money and savings via a new-currency issue.”

“Pyongyang announced Nov. 30 its decision to issue new currency and limit the amount of old currency that could be exchanged to the equivalent of about $40, based on unofficial exchange rates, a step that essentially scrapped all other private money.”

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