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North Korean Devalues Curency

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posted on Dec, 9 2009 @ 04:58 PM
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Has anyone heard about this? I did a search but nothing came up. This is the first I have heard of it and I watch the news. This happened several days ago. I would have thought I would have heard something.

North Korea has been plunged into chaos, and its shops and markets paralysed, by a shock announcement from the government that it would devalue the country's currency by a factor of 100 to one.

www.telegraph.co.uk...




posted on Dec, 9 2009 @ 05:02 PM
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Yes I heard about this days ago...

1/100 along those lines.

That Kim is a b*stard son of a w*ore.

North Korea is playing in World Cup 2010 if I'm not mistaken.

They should boycott 'em.



posted on Dec, 9 2009 @ 05:52 PM
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I guess you can just devalue your currency? So is this a sign some countries are beginning to hit the financial wall?



posted on Dec, 9 2009 @ 07:19 PM
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North Koreans are thought to have until Sunday to change their old notes into the new currency. But there appears to be a limit on how much can be exchanged - one report says each adult can cash in only 100,000 won. The currency reforms are part of [a] campaign to return to the North Korean version of orthodox socialism Rudiger Frank North Korea analyst Glimpse inside secretive state At the time of the announcement one US dollar was worth 135 North Korea won at official exchange rates. That means each adult can exchange about US$740-worth (£445) of won.


BBC Link

This is crazy. Not only are you getting raped by the exchange rate, there's only so much money you can exchange!

What happens to the rest?



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