New Year's read: N.Korea bans forex, ACM continues restructuring, interview with Forex fund managers

North Korea to ban forex: North Korea will ban the use of foreign currency from New Year’s Day in another

North Korea to ban forex:

North Korea will ban the use of foreign currency from New Year’s Day in another move to reassert the communist regime’s control over the economy, South Korean officials and analysts said Thursday.

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A government official, speaking on condition of anonymity, confirmed a report of the ban carried by China’s Xinhua news agency earlier this week.

Xinhua, reporting from Pyongyang, quoted a decree by the North’s Ministry of People’s Security which prohibits all units and individuals from using foreign currency from January 1.

Foreigners will have to exchange money into North Korean won, the decree said, adding that any violation would be “severely punished”.

The ruling came less than a month after the North issued new won banknotes as part of a 100-to-one currency revaluation. It restricted the amount of old notes which could be changed for new currency, sparking widespread anger.

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