It was found that the value of the dollar has plummeted by more than 20% in three weeks due to the policy of banning the use of foreign currency in North Korea.
It appears to be the impact of North Korea's won appreciation policy to stabilize prices and stimulate domestic demand amid extreme economic difficulties.
Today (28th), according to the Asian Press, a North Korean media outlet, the exchange rate of the North Korean won against the dollar fell 20.4% from 8,170 won per dollar on the 23rd of last month to 6,500 won on the 12th of this month.
The exchange rate of the North Korean won against the yuan also fell 27.3% from 1,225 won per yuan to 890 won per yuan over the same period.
The decline in the won's exchange rate means that the won's value has risen.
The reason for the sharp rise in the value of the North Korean won in the short term is the North Korean authorities' measures to ban the use of foreign currency.
The Russian embassy in Pyongyang said on Facebook on the 29th of last month that "recently, retail stores in Pyongyang do not accept dollar or electronic foreign currency prepaid cards, Narae Card, and request payment in Korean won."
Even at the Pyongyang foreigner-only store and the Daedonggang Diplomat Club, they did not accept dollars and Narae cards, and set up a currency exchange office so that foreigners could only use Korean won.
As more people want to sell the dollar, the value of the won will inevitably rise.