Central Bank of the Democratic People's Republic of Korea explained

Bank Name In Local:Korean: 조선민주주의인민공화국중앙은행
Headquarters:58-1 Mansu Dong, Sungri Street, Central District, Pyongyang[1]
Established:1947
President:Paek Min Gwang
Leader Title:President
Bank Of:Democratic People's Republic of Korea
Currency:North Korean won
Currency Iso:KPW
Context:north
Hangul:조선민주주의인민공화국중앙은행
Hanja:朝鮮民主主義人民共和國中央銀行
Mr:Chosŏn Minjujuŭi Inmin Konghwaguk Chungang Ŭnhaeng
Rr:Joseon Minjujuui Inmin Gonghwaguk Jungang Eunhaeng

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.[2]

History

On February 15, 1946, a central bank of North Korea was announced, which was to be under the control of the Soviet military.[3] However, the bank failed to accomplish its objectives, being unable to meet its costs of operation, and the 100 million wŏn capitalisation was ineffective.[4] The North Korean Interim People's Committee did not look upon the bank favorably, and chose instead to work through the Farmers' Bank, which also existed at the time.[4] By late 1946, banking functions were consolidated into two main institutions, the Central Bank and Farmer's Bank. In June 1947, around 1,000 million wŏn was concentrated in the Central Bank, allowing it to extend credits totalling 900 million wŏn for economic rehabilitation.[5] The consolidation reflected a return to the original objectives of the People's Committee, which wanted closer control over the economy; any banking people opposed to the changes within the system were removed from their posts.[5] On December 6, 1947, a comprehensive program of currency reform was announced.

In 1959, the Central and Farmers' banks were merged to form the Central Bank of the Democratic People's Republic of Korea. The Foreign Trade Bank was established to handle the Central Bank's international business.[6]

Organization

The Central Bank has over 220 branches.[6] It operates the Chŏnsŏng electronic cash card.[7]

Presidents

NameTook officeLeft officeNotes
Kim Kyo-yong19531956-?[8]
Chong Song-on19591962-?[9]
Pyon Song-u1969[10] 1988[11] [12]
1988[13] 2000[14] [15] [16] Jong Song-thaek, born 1930
Kim Wan-su20002009[17]
Ri Kwang-gon20092010–?
Paek Ryong-chon20112014
Kim Chon-gyun20142021
Chae Song-hak20212023[18] [19]
Paek Min Gwang2023Incumbent[20]

See also

Further reading

Notes and References

  1. Book: Martino. John. Worldwide Government Directory with Intergovernmental Organizations 2013. 2013. Sage Reference. Los Angeles. 978-1-4522-9937-2. 892.
  2. Web site: Central Bank « North Korean Economy Watch. North Korean Economy Watch.
  3. Book: McCune, George M.. Korea Today. READ BOOKS. 2007. 193. 978-1-4067-2764-7.
  4. McCune, 2007, p. 194.
  5. McCune, 2007, p. 195.
  6. Book: Hoare, James. Pares, Susan. A political and economic dictionary of East Asia. Routledge. 2005. 31. 978-1-85743-258-9.
  7. News: Consumerism in North Korea: The Kwangbok Area Shopping Center . Ruediger . Frank . U.S.-Korea Institute, Johns Hopkins University School of Advanced International Studies . . 6 April 2017 . 10 April 2017.
  8. Web site: DTIC ADA368791: Korean Affairs Report, No. 304. North Korea: Biographic Dictionary. Part 1. . Defense Technical Information Center . english . 24 August 1983.
  9. Web site: DTIC ADA368791: Korean Affairs Report, No. 304. North Korea: Biographic Dictionary. Part 1. . Defense Technical Information Center . english . 24 August 1983.
  10. Web site: Korean Affairs Report No. 304 North Korea: Biographic Dictionary parts 1 and 2 . Defense Technical Information Center.
  11. Book: Chiefs of State and Cabinet members of foreign governments / National Foreign Assessment Center. 1987July-Dec.. HathiTrust. 2003. 2027/osu.32435024019812.
  12. Book: Chiefs of State and Cabinet members of foreign governments / National Foreign Assessment Center. Jan–Oct 1989.. HathiTrust. 2003. 2027/uc1.c049297898.
  13. Book: Agency . Yonhap News . Korea Annual 2003 . . en . 15 January 2004. 9788974330644 .
  14. Book: Chiefs of State and Cabinet members of foreign governments / National Foreign Assessment Center. Sept 1991.. HathiTrust. 2003.
  15. Book: Gause, Ken E.. North Korea Under Kim Chong-il: Power, Politics, and Prospects for Change. August 31, 2011. ABC-CLIO. 9780313381751. Google Books.
  16. Book: Chiefs of State and Cabinet members of foreign governments / National Foreign Assessment Center. 1990:Sept.-Oct... HathiTrust. 2003. 2027/uiug.30112083083391.
  17. Web site: North Korean Policy Elites - IDA Paper P-3903 . Defense Technical Information Center . 2024-06-28 . 2021-08-30 . https://web.archive.org/web/20210830015701/https://apps.dtic.mil/dtic/tr/fulltext/u2/a427588.pdf . dead .
  18. Web site: Members of the DPRK Cabinet Appointed . KKF Online . 2021-03-06 . 2021-10-25 . https://web.archive.org/web/20211025051301/https://kkfonline.com/2021/01/18/members-of-the-dprk-cabinet-appointed/ . dead .
  19. Web site: 12 April 2014 . State leadership bodies elected . 3 December 2017 . The Pyongyang Times.
  20. News: 28 September 2023 . Members of DPRK Cabinet Newly Appointed . . 28 September 2023.

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