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Central Bank of the Democratic People's Republic of Korea

October 28, 2023

The Central Bank of the Democratic People's Republic of Korea is North Korea's central bank. Established on December 6, 1947, it issues the North Korean wŏn. The Bank is subordinated to the Cabinet of North Korea. Since 2023, the president of the bank has been Paek Min Gwang.[3]

Central Bank of the Democratic People's Republic of Korea
조선민주주의인민공화국중앙은행
Headquarters58-1 Mansu Dong, Sungri Street, Central District, Pyongyang[1]
Coordinates39°01′39″N 125°45′17″E / 39.02750°N 125.75472°E / 39.02750; 125.75472[2]
Established1947
PresidentPaek Min Gwang
Central bank ofDemocratic People's Republic of Korea
CurrencyNorth Korean won
KPW (ISO 4217)
Central Bank of the Democratic People's Republic of Korea
Chosŏn'gŭl
조선민주주의인민공화국중앙은행
Hancha
朝鮮民主主義人民共和國中央銀行
Revised RomanizationJoseon Minjujueui Inmin Gonghwaguk Jungang Eunhaeng
McCune–ReischauerChosŏn Minjujuŭi Inmin Konghwaguk Chungang Ǔnhaeng

History edit

On February 15, 1946, a central bank of North Korea was announced, which was to be under the control of the Soviet military.[4] However, the bank failed to accomplish its objectives, being unable to meet its costs of operation, and the 100 million wŏn capitalisation was ineffective.[5] 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.[5] 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 totalling 900 million wŏn for economic rehabilitation.[6] The consolidation reflected a return to the original objectives of the People's Committee, which wanted closer control over the economy; any banking people opposed to the changes within the system were removed from their posts.[6] 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.[7]

Organization edit

The Central Bank has over 220 branches.[7] It operates the Chŏnsŏng electronic cash card.[8]

Presidents edit

Name Took office Left office Notes
Pyon Song-u ?-1976[9] 1988 [10][11]
Chong Song-taek 1988[12] 2000 [13][14][15]Jong Song-thaek, born 1930[12]
Kim Wan-su 2000 2009 [16]
Ri Kwang-gon 2009 2010–?
Paek Ryong-chon 2011 2014
Kim Chon-gyun 2014 2021
Chae Song-hak 2021 2023 [17][18]
Paek Min Gwang 2023 Incumbent [19]

See also edit

References edit

  1. ^ Martino, John, ed. (2013). Worldwide Government Directory with Intergovernmental Organizations 2013. Los Angeles: Sage Reference. p. 892. ISBN 978-1-4522-9937-2.
  2. ^ "North Korea Uncovered Version 18". North Korean Economy Watch. 25 June 2009. Retrieved 4 February 2017.
  3. ^ "Central Bank « North Korean Economy Watch". North Korean Economy Watch.
  4. ^ McCune, George M. (2007). Korea Today. READ BOOKS. p. 193. ISBN 978-1-4067-2764-7.
  5. ^ a b McCune, 2007, p. 194.
  6. ^ a b McCune, 2007, p. 195.
  7. ^ a b Hoare, James; Pares, Susan (2005). A political and economic dictionary of East Asia. Routledge. p. 31. ISBN 978-1-85743-258-9.
  8. ^ Frank, Ruediger (6 April 2017). "Consumerism in North Korea: The Kwangbok Area Shopping Center". 38 North. U.S.-Korea Institute, Johns Hopkins University School of Advanced International Studies. Retrieved 10 April 2017.
  9. ^ "Korean Affairs Report: NORTH KOREA: BIOGRAPHIC DICTIONARY" (PDF). Foreign Broadcast Information Service.
  10. ^ Chiefs of State and Cabinet members of foreign governments / National Foreign Assessment Center. 1987July-Dec. 2003. hdl:2027/osu.32435024019812 – via HathiTrust.
  11. ^ Chiefs of State and Cabinet members of foreign governments / National Foreign Assessment Center. Jan–Oct 1989. 2003. hdl:2027/uc1.c049297898 – via HathiTrust.
  12. ^ a b Agency, Yonhap News (15 January 2004). Korea Annual 2003. Yonhap News Agency. ISBN 9788974330644.
  13. ^ Chiefs of State and Cabinet members of foreign governments / National Foreign Assessment Center. Sept 1991. 2003 – via HathiTrust.
  14. ^ Gause, Ken E. (August 31, 2011). North Korea Under Kim Chong-il: Power, Politics, and Prospects for Change. ABC-CLIO. ISBN 9780313381751 – via Google Books.
  15. ^ Chiefs of State and Cabinet members of foreign governments / National Foreign Assessment Center. 1990:Sept.-Oct. 2003. hdl:2027/uiug.30112083083391 – via HathiTrust.
  16. ^ Article title[bare URL PDF]
  17. ^ "Members of the DPRK Cabinet Appointed". KKF Online.
  18. ^ "State leadership bodies elected". The Pyongyang Times. 12 April 2014. Retrieved 3 December 2017.
  19. ^ "Members of DPRK Cabinet Newly Appointed". Rodong Sinmun. 28 September 2023. Retrieved 28 September 2023.

Further reading edit

  • Kim Il-sung (1980) [1946]. "On Strengthening State Discipline and Founding the Central Bank of North Korea" (PDF). Kim Il Sung: Works. Vol. 2. Pyongyang: Foreign Languages Publishing House. pp. 450–457. OCLC 827642144.


 

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October 28, 2023
central, bank, democratic, people, republic, korea, north, korea, central, bank, established, december, 1947, issues, north, korean, wŏn, bank, subordinated, cabinet, north, korea, since, 2023, president, bank, been, paek, gwang, 조선민주주의인민공화국중앙은행headquarters58,. The Central Bank of the Democratic People s Republic of Korea is North Korea s central bank Established on December 6 1947 it issues the North Korean wŏn The Bank is subordinated to the Cabinet of North Korea Since 2023 the president of the bank has been Paek Min Gwang 3 Central Bank of the Democratic People s Republic of Korea조선민주주의인민공화국중앙은행Headquarters58 1 Mansu Dong Sungri Street Central District Pyongyang 1 Coordinates39 01 39 N 125 45 17 E 39 02750 N 125 75472 E 39 02750 125 75472 2 Established1947PresidentPaek Min GwangCentral bank ofDemocratic People s Republic of KoreaCurrencyNorth Korean wonKPW ISO 4217 Central Bank of the Democratic People s Republic of KoreaChosŏn gŭl조선민주주의인민공화국중앙은행Hancha朝鮮民主主義人民共和國中央銀行Revised RomanizationJoseon Minjujueui Inmin Gonghwaguk Jungang EunhaengMcCune ReischauerChosŏn Minjujuŭi Inmin Konghwaguk Chungang Ǔnhaeng Contents 1 History 2 Organization 3 Presidents 4 See also 5 References 6 Further readingHistory editOn February 15 1946 a central bank of North Korea was announced which was to be under the control of the Soviet military 4 However the bank failed to accomplish its objectives being unable to meet its costs of operation and the 100 million wŏn capitalisation was ineffective 5 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 5 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 totalling 900 million wŏn for economic rehabilitation 6 The consolidation reflected a return to the original objectives of the People s Committee which wanted closer control over the economy any banking people opposed to the changes within the system were removed from their posts 6 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 7 Organization editThe Central Bank has over 220 branches 7 It operates the Chŏnsŏng electronic cash card 8 Presidents editName Took office Left office NotesPyon Song u 1976 9 1988 10 11 Chong Song taek 1988 12 2000 13 14 15 Jong Song thaek born 1930 12 Kim Wan su 2000 2009 16 Ri Kwang gon 2009 2010 Paek Ryong chon 2011 2014Kim Chon gyun 2014 2021Chae Song hak 2021 2023 17 18 Paek Min Gwang 2023 Incumbent 19 See also editMinistry of Finance North Korea List of banks in North KoreaReferences edit Martino John ed 2013 Worldwide Government Directory with Intergovernmental Organizations 2013 Los Angeles Sage Reference p 892 ISBN 978 1 4522 9937 2 North Korea Uncovered Version 18 North Korean Economy Watch 25 June 2009 Retrieved 4 February 2017 Central Bank North Korean Economy Watch North Korean Economy Watch McCune George M 2007 Korea Today READ BOOKS p 193 ISBN 978 1 4067 2764 7 a b McCune 2007 p 194 a b McCune 2007 p 195 a b Hoare James Pares Susan 2005 A political and economic dictionary of East Asia Routledge p 31 ISBN 978 1 85743 258 9 Frank Ruediger 6 April 2017 Consumerism in North Korea The Kwangbok Area Shopping Center 38 North U S Korea Institute Johns Hopkins University School of Advanced International Studies Retrieved 10 April 2017 Korean Affairs Report NORTH KOREA BIOGRAPHIC DICTIONARY PDF Foreign Broadcast Information Service Chiefs of State and Cabinet members of foreign governments National Foreign Assessment Center 1987July Dec 2003 hdl 2027 osu 32435024019812 via HathiTrust Chiefs of State and Cabinet members of foreign governments National Foreign Assessment Center Jan Oct 1989 2003 hdl 2027 uc1 c049297898 via HathiTrust a b Agency Yonhap News 15 January 2004 Korea Annual 2003 Yonhap News Agency ISBN 9788974330644 Chiefs of State and Cabinet members of foreign governments National Foreign Assessment Center Sept 1991 2003 via HathiTrust Gause Ken E August 31 2011 North Korea Under Kim Chong il Power Politics and Prospects for Change ABC CLIO ISBN 9780313381751 via Google Books Chiefs of State and Cabinet members of foreign governments National Foreign Assessment Center 1990 Sept Oct 2003 hdl 2027 uiug 30112083083391 via HathiTrust Article title bare URL PDF Members of the DPRK Cabinet Appointed KKF Online State leadership bodies elected The Pyongyang Times 12 April 2014 Retrieved 3 December 2017 Members of DPRK Cabinet Newly Appointed Rodong Sinmun 28 September 2023 Retrieved 28 September 2023 Further reading editKim Il sung 1980 1946 On Strengthening State Discipline and Founding the Central Bank of North Korea PDF Kim Il Sung Works Vol 2 Pyongyang Foreign Languages Publishing House pp 450 457 OCLC 827642144 Portals nbsp North Korea nbsp Banks nbsp This Asian bank related article is a stub You can help Wikipedia by expanding it vte nbsp This article about a North Korean company is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Central Bank of the Democratic People 27s Republic of Korea amp oldid 1177590697, wikipedia, wiki, book, books, library,

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