Seoul, December 03: North Korea’s military was on guard as public anger grew over the communist country’s shock currency revaluation, reports said on Thursday.
The revaluation implemented on Monday has sparked fury and frustration as some citizens saw much of their savings wiped out, according to reports and observers.
They said the North had tightened security against possible agitation, with a curfew reportedly imposed in a border region and shops closed across the country during the changeover period to a new currency, which ends Sunday.
Military authorities have strengthened vigilance and are monitoring people’s movements to forestall unrest, South Korea’s Yonhap news agency said, citing North Korean merchants in China.
Media reports and embassies in Pyongyang said people had been given a week to exchange money at the rate of 100 old won for one new won — but the total they can change is heavily restricted.
Reports said authorities initially limited the total sum that an individual can exchange for new currency to 100,000 won. The limit was later raised to 150,000 won in cash and 300,000 won in bank savings.
DailyNK, an online newspaper with informants in the North, said the rule has now been changed a second time.
—PTI–