Koryo Bank is a North Korean bank. [1] It was originally opened in July 1994. [2]
The bank has about thirty employees and has regional offices specializing in weapon sales in the Middle East, Myanmar, and Africa. [3]
It is controlled by Korean Workers' Party Office 39 to control "the service industry, hotels and department stores that cater to foreigners". [3]
According to Business Insider , Koryo Bank is the financial institution used by the North Korean Office 39 "to repatriate and hold foreign currency accounts" [4] and, at one time, under the control of the Ministry of Defense. [2]
At one time, the bank's leader was Kim Yong-goo. [2] The bank use to belong to the Trade Bank. [2]
The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increasing. As of 2022, North Korea continues its basic adherence to a centralized planned economy. With a total gross domestic product of $28.500 billion as of 2016, there has been some economic liberalization, particularly after Kim Jong Un assumed the leadership in 2012, but reports conflict over particular legislation and enactment. Since the 1990s, informal market activity has increased, which the government has tolerated. These markets are referred to as 'Jangmadang', and were formed as a result of the economic collapse during the 1990s, which made the regime unable to distribute food to its people.
The economy of South Korea is a highly developed mixed economy. By nominal GDP, ₩2.24 quadrillion, it has the 4th largest economy in Asia and the 12th largest in the world. South Korea is notable for its rapid economic development from an underdeveloped nation to a developed, high-income country in a few generations. This economic growth has been described as the Miracle on the Han River, which has allowed it to join the OECD and the G20. South Korea remains one of the fastest-growing developed countries in the world following the Great Recession and the COVID-19 recession. It is included in the group of Next Eleven countries as having the potential to play a dominant role in the global economy by the middle of the 21st century.
The 1997 Asian financial crisis was a period of financial crisis that gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998–1999 was rapid, and worries of a meltdown quickly subsided.
The Korean People's won, more commonly known as the North Korean won and sometimes known as the Democratic People's Republic of Korea won, is the official currency of North Korea. It is subdivided into 100 chon. The currency is issued by the Central Bank of the Democratic People's Republic of Korea, based in the North Korean capital city of Pyongyang.
A chaebol is a large industrial South Korean conglomerate run and controlled by an individual or family. A chaebol often consists of multiple diversified affiliates, controlled by a person or group. Several dozen large South Korean family-controlled corporate groups fall under this definition. The term first appeared in English text in 1972.
Air Koryo is the state-owned flag carrier of North Korea, headquartered in Sunan-guyŏk, Pyongyang. Based at Pyongyang International Airport, it operates international scheduled and charter services to destinations within Asia as well as flights on behalf of the Government of North Korea.
The foreign exchange market is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the credit market.
Foreign exchange controls are various forms of controls imposed by a government on the purchase/sale of foreign currencies by residents, on the purchase/sale of local currency by nonresidents, or the transfers of any currency across national borders. These controls allow countries to better manage their economies by controlling the inflow and outflow of currency, which may otherwise create exchange rate volatility. Countries with weak and/or developing economies generally use foreign exchange controls to limit speculation against their currencies. They may also introduce capital controls, which limit foreign investment in the country.
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.
The Rason Special Economic Zone, earlier called the Rajin-Sonbong Economic Special Zone, was established in the early 1990s by the North Korean government near Rason to promote economic growth through foreign investment. It is similar to the Special Economic Zones set up by the People's Republic of China and elsewhere to pilot market economics in a designated controlled area. It is near the border with China and Russia and is a warm-water port for both countries.
South Korea–Ukraine relations are foreign relations between South Korea and Ukraine. Diplomatic Relations were established on February 10, 1992. South Korea has an embassy in Kyiv. Ukraine has an embassy in Seoul.
Room 39 is a secretive North Korean party organization that seeks ways to maintain the foreign currency slush fund for the country's leaders.
Kalma Airport is a dual-use civil and military airport in Wonsan, Kangwon-do, North Korea. A new international terminal and passenger ramp opened in September 2015.
The Pyongyang Department Store No. 1 is a major retail store in Pyongyang, North Korea. On Sungri Street near Kim Il-sung Square in downtown Pyongyang, it is one of the largest retail stores in the country and is often the site of large commodity exhibitions.
The alleged illicit activities of the North Korean state include manufacture and sale of illegal drugs, the manufacture and sale of counterfeit consumer goods, human trafficking, arms trafficking, wildlife trafficking, counterfeiting currency, terrorism, and other areas. It is alleged many of these activities are undertaken at the direction and under the control of the North Korean government and the ruling Workers' Party of Korea, with their proceeds going towards advancing the country's nuclear and conventional arms production, funding the lifestyles of the country's elite, and propping up the North Korean economy.
Foreign Trade of the DPRK is a North Korean magazine. It covers North Korean companies that are looking to export their products and introduces their contact details. The magazine is affiliated with the North Korean Committee for the Promotion of International Trade. It is published quarterly by the Foreign Trade Publishing House of North Korea. The magazine is published in English, Chinese, French, Japanese, Russian and Spanish.
Jangmadang are North Korean local markets, farmers' markets, black markets and bazaars. Since the North Korean famine in the 1990s, they have formed a large informal economy, and the government has become more lenient towards them. However, merchants still face heavy regulations. A majority of North Koreans have become dependent on jangmadang for their survival.
Tanchon Commercial Bank is a North Korean bank. It was originally opened in August 1986.
The Embassy of the People's Republic of China in the Democratic People's Republic of Korea is the diplomatic mission of the People's Republic of China in DPR Korea. The embassy is located in Kinmaul-dong, the Moranbong District of Pyongyang. The embassy currently provides a number of consular services, namely passport and visa related.
The kingdom of Goryeo used various currencies during its almost five centuries of rule on the Korean Peninsula. Both commodity and metallic money were used, often concurrently, in a "hybrid currency system": The metallic money consisted of coins, both Chinese and Korean, and silver currencies. Paper money was used during the late Goryeo period.
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