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Home  »  Central Banks Worldwide  »  Central Bank of the Democratic People's Republic of Korea

Central Bank of the Democratic People's Republic of Korea

 

The Central Bank of the Democratic People's Republic of Korea (Korean: 조선민주주의인민공화국중앙은행) is North Korea's central bank. Established on December 6, 1947 and it issues the North Korean wŏn.

 

On February 15, 1946, a central bank of North Korea was announced, which was to be under the control of the Soviet Union military. However, the bank failed to accomplish its objectives, being unable to meet its costs of operation, and the 100 million wŏn capitalization was ineffective. The North Korean Interim People's Committee did not look upon the bank favorably, and chose instead to work through the Farmers' Bank, which also existed at the time.

 

By late 1946, banking functions were consolidated into two main institutions, the Central Bank and Farmer's Bank. In June 1947, around 1,000 million wŏn was concentrated in the Central Bank, allowing it to extend credits totaling 900 million wŏn for economic rehabilitation. The consolidation reflected a return to the original objectives of the People's Committee which wanted closer control over the economy; any opposition from banking people to the changes within the system were removed from their posts. On December 6, 1947, a comprehensive program of currency reform was announced.

In 1959, the Central and Farmers' banks were merged to form the Central Bank of the Democratic People's Republic of Korea. The Foreign Trade Bank was established to handle the Central Bank's international business.

The Central Bank has over 220 branches across the country.

Central Bank Information:

Head Office Address: Pyongyang, North Korea

Website: N/A

Currency: North Korean Won
 

 

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