North Korea has apparently revalued its currency, in a move that may be aimed at tightening domestic market activity.
South Korean media quoted unnamed North Korean sources Tuesday as saying the North has sharply raised the value of its currency. If accurate, this would be the first North Korean currency reform in 17 years.
China's state news agency Xinhua also reported the revaluation, saying embassies in Pyongyang had been informed about it.
According to the reports, Pyongyang announced that old North Korean won notes are to be exchanged for new notes at the rate of 100 to one. Citizens will reportedly be ordered to trade in old 1,000-won bills for new 10-won notes this week.
The reports say the announcement has caused confusion,
