North Korea has been hit by sharp swings in currency and food prices as economic pressures stemming from the Covid-19 pandemic and international sanctions create new risks for Kim Jong Un.
The volatility is set to worsen the plight of many of North Korea’s 25m people. It could also unravel the country’s unofficial market trading system, known as jangmadang, and increase instability.
The North Korean won has appreciated about 30 per cent against the US dollar and 40 per cent against China’s renminbi since the start of the pandemic, according to Daily NK, a website that tracks North Korean markets.
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