North Korea Money Revalued!

It seems that the North Korean Government made the North Korean Won illegal throughout the country on November 30th and new Wons won't be made public until December 7th. Many stores and restaurants catering to the ordinary North Koreans have closed for this period while those Dollar and Euro stores and restaurants that cater to foreigners and Government officials remain open.

There are lots of reports that the North Korean Government is limiting the amount of money that each citizen can convert into the new currency on December 7th and so many will simply loose whatever amount over the official limit they have. Japanese and South Korean media have reported protests in North Korea (something unheard of in a tight, isolated, Communist country)over the officially allowed currency limit and because of these protests the limit was slightly raised.

I am not sure why the North Koreans are changing their currency (some say because of the black market) but I think it is just being done because the Communists in power there can do it. Maybe they want to see how the people will react.

It is the first time I have ever heard of a new currency being introduced with a lapse in between when the old currency is made illegal and the new currency is distributed. Usually the old currency is allowed to be used to pay for things for a certain time while any change is given in the new currency and prices are displayed in both currencies. I guess it shouldn't be too surprising that North Korea is doing everything differently.