Last year, the exchange rate of foreign currencies such as the dollar and yuan more than doubled in the North Korean market, and as a result, the North Korean authorities’ crackdown on market transactions intensified, accelerating the economic difficulties of the residents.
In this situation, what hopes do residents have for the new year?
Ms. Kim (pseudonym), a woman in her 50s who runs a business in a market in Sinuiju, North Pyongan Province, said, “There is nothing I want more than to be able to do business without control in the market. If the market becomes more active, many residents will find it easier to make a living.” said.
At the same time, Mr. Kim said, “I don’t expect anything from the country. Instead of trying to do something, if you just do nothing and leave us alone, the economy will do better than it is now.”
Mr. Kim says that the government’s introduction of policies or measures and strengthening of control in the name of economic development is in no way helpful to the residents.
Mr. Jeong (pseudonym), a man in his 40s who works as a money changer in North Pyongan Province, also expressed his hope that the authorities’ control will be eased.
Mr. Jeong said, “Last year, it was very difficult to make money as the government completely controlled individual currency exchange transactions. It is still difficult, but since currency exchange transactions are like natural product sales, it would be nice to reduce the control a little.”
At the same time, he said, “In any case, market transactions cannot be conducted at the exchange rate set by the government, and the government cannot meet the demand for foreign currency, so in the end, dondecos like us have to step in, so I don’t know why they only control individual money transactions,” he said. “The economy will develop only when businesses are opened,” he argued.
As the exchange rate soared last year, the North Korean authorities distributed several political project materials aimed at stabilizing the exchange rate, saying, “We must never engage in any act of distributing cash outside the control of the state, such as black trading of foreign currency.” (Go to related article: (Exclusive) North Korea distributes political materials saying, “Anyone who promotes exchange rate appreciation must be resolutely struck down”)
In the name of stabilizing the exchange rate, the North Korean authorities strictly prohibit individual currency exchange transactions and require currency exchange only at the national exchange rate at state-designated exchange exchanges. However, residents seem to believe that such state control is not helpful in stabilizing the exchange rate.
Mr. Lee (pseudonym), a man in his 40s who works at a foreign currency earning base in North Pyongan Province, said, “The fact that the exchange rate has risen further since the government controlled it, now reaching well over 20,000 won per dollar, shows that crackdown and control is not the answer.” He said, “The more the country tightens its controls to stabilize the exchange rate, the more the exchange rate will fluctuate.”
Meanwhile, it has been reported that market operating hours have recently been extended in some areas of North Pyongan Province, and there is a positive response to this.
Mr. Kim, a market merchant, said, “Market operating hours have become longer since the New Year in Seoncheon-gun, North Pyongan Province and other nearby areas. Previously, they opened at 3 p.m. until 8:30 p.m., but recently they opened at 9 a.m. “It’s opening,” he said.
At the same time, he said, “Many people say that they will feel relieved if they can buy and sell goods freely without crackdowns. If the market operating hours are extended and crackdowns are slightly reduced, at least there will be fewer people going hungry.”
Source: www.dailynk.com
