Central Bank of the Democratic People's Republic of Korea

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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 Minjujuui Inmin Gonghwaguk Jungang Eunhaeng
McCune–ReischauerChosŏn Minjujuŭi Inmin Konghwaguk Chungang Ŭnhaeng

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]

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. Archived from the original (PDF) on 2020-10-03. Retrieved 2023-04-17.
  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. Archived from the original on 2021-10-25. Retrieved 2021-03-06.
  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]


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