|
(EDITORIAL from the JoongAng Daily on March 16)
Only one way out for North
One hundred days have passed since North Korea’s surprise move to redenominate its national currency. Widespread reports in South Korea suggest that the “currency reform,” as the North called it, exacerbated the country’s economic erosion despite the official line that it would tame inflation and keep private markets in check.
The North has given in to public outrage over the move, allowing trade in foreign currency and activity in the private market once again. Many observers had anticipated that the revaluation - which knocked two zeroes off the North’s currency and shrank personal savings - would result in such a backlash.
| 
Home
