North Korea Adopts Euro

Instructions have been issued to all foreign embassies in Pyongyang that as from 1st December, the Euro is to substitute the US Dollar as the official currency of the Democratic People’s Republic of Korea.

The decision is a political one, to express displeasure at the aggressive stance taken by Washington in recent months against the regime, which it labelled as one of the “axis of evil” states, along with Iraq and Iran. Due to the fact that the won is not convertible, North Koreans have to use another currency when they buy goods abroad. The country’s main trading partners, the Russian Federation, China, Japan and South Korean, all use the USD for trading.

Western sources have declared their preoccupation that the Euro market may become flooded with false notes, since they believe that great quantities of counterfeit dollars are made in North Korea, a country also accused of using heroin sales to finance its weapons programmes, although such claims are wholly unsubstantiated.


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