'Dollarization' of North Korean economy, once vital, now potential threat to Kim's rule

By Associated Press

Jun 10, 2023 12:12 am

'There were not many places to use the won, and we actually had little faith in our currency,' Jeon said during a recent interview in Seoul. 'Even the quality of North Korean bills was awful as they often ripped when we put them in our pockets.'

North Korea has tolerated the widespread use of more stable foreign currencies like US dollars and Chinese yuan since a bungled revaluation of the won in 2009 triggered runaway inflation and public unrest.

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