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North Koreans in misery as cash is culled

Fri, 2009-12-04 05:18 — Robyn

Shops and markets in North Korea have been closed and all cash transactions frozen after the Government’s shock announcement of a devaluation of its currency in an effort to crack down on the country’s burgeoning free-market economy.

In the capital, Pyongyang, yesterday only the few shops and restaurants permitted to trade in foreign currencies — patronised by the privileged elite and the city’s small foreign population — were open for business. All other enterprises and services based on cash, including markets, long-distance bus services, barbers’ shops, saunas and bath houses, were suspended until the revaluation of the won is completed next week.

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