Central Bank of the Democratic People's Republic of Korea
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Headquarters | 58-1 Mansu Dong, Sungri Street, Central District, Pyongyang[1] |
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Coordinates | 39°01′39″N 125°45′17″E / 39.02750°N 125.75472°E[2] |
Established | 1947 |
President | Paek Min Gwang |
Central bank of | Democratic People's Republic of Korea |
Currency | North Korean won KPW (ISO 4217) |
Central Bank of the Democratic People's Republic of Korea | |
Chosŏn'gŭl | 조선민주주의인민공화국중앙은행 |
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Hancha | 朝鮮民主主義人民共和國中央銀行 |
Revised Romanization | Joseon Minjujuui Inmin Gonghwaguk Jungang Eunhaeng |
McCune–Reischauer | Chosŏn Minjujuŭi Inmin Konghwaguk Chungang Ŭnhaeng |
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.[3]
History
[edit]On February 15, 1946, a central bank of North Korea was announced, which was to be under the control of the Soviet military.[4] However, the bank failed to accomplish its objectives, being unable to meet its costs of operation, and the 100 million wŏn capitalisation was ineffective.[5] 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.[5] 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.[6] 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.[6] 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.[7]
Organization
[edit]The Central Bank has over 220 branches.[7] It operates the Chŏnsŏng electronic cash card.[8]
Presidents
[edit]Name | Took office | Left office | Notes |
---|---|---|---|
Kim Kyo-yong | 1953 | 1956-? | [9] |
Chong Song-on | 1959 | 1962-? | [10] |
Pyon Song-u | 1969[11] | 1988 | [12][13] |
Chong Song-taek | 1988[14] | 2000 | [15][16][17]Jong Song-thaek, born 1930[14] |
Kim Wan-su | 2000 | 2009 | [18] |
Ri Kwang-gon | 2009 | 2010–? | |
Paek Ryong-chon | 2011 | 2014 | |
Kim Chon-gyun | 2014 | 2021 | |
Chae Song-hak | 2021 | 2023 | [19][20] |
Paek Min Gwang | 2023 | Incumbent | [21] |
See also
[edit]References
[edit]- ^ Martino, John, ed. (2013). Worldwide Government Directory with Intergovernmental Organizations 2013. Los Angeles: Sage Reference. p. 892. ISBN 978-1-4522-9937-2.
- ^ "North Korea Uncovered Version 18". North Korean Economy Watch. 25 June 2009. Retrieved 4 February 2017.
- ^ "Central Bank « North Korean Economy Watch". North Korean Economy Watch.
- ^ McCune, George M. (2007). Korea Today. READ BOOKS. p. 193. ISBN 978-1-4067-2764-7.
- ^ a b McCune, 2007, p. 194.
- ^ a b McCune, 2007, p. 195.
- ^ a b Hoare, James; Pares, Susan (2005). A political and economic dictionary of East Asia. Routledge. p. 31. ISBN 978-1-85743-258-9.
- ^ Frank, Ruediger (6 April 2017). "Consumerism in North Korea: The Kwangbok Area Shopping Center". 38 North. U.S.-Korea Institute, Johns Hopkins University School of Advanced International Studies. Retrieved 10 April 2017.
- ^ "DTIC ADA368791: Korean Affairs Report, No. 304. North Korea: Biographic Dictionary. Part 1". Defense Technical Information Center. 24 August 1983.
- ^ "DTIC ADA368791: Korean Affairs Report, No. 304. North Korea: Biographic Dictionary. Part 1". Defense Technical Information Center. 24 August 1983.
- ^ "Korean Affairs Report No. 304 North Korea: Biographic Dictionary parts 1 and 2". Defense Technical Information Center.
- ^ Chiefs of State and Cabinet members of foreign governments / National Foreign Assessment Center. 1987July-Dec. 2003. hdl:2027/osu.32435024019812 – via HathiTrust.
- ^ Chiefs of State and Cabinet members of foreign governments / National Foreign Assessment Center. Jan–Oct 1989. 2003. hdl:2027/uc1.c049297898 – via HathiTrust.
- ^ a b Agency, Yonhap News (15 January 2004). Korea Annual 2003. Yonhap News Agency. ISBN 9788974330644.
- ^ Chiefs of State and Cabinet members of foreign governments / National Foreign Assessment Center. Sept 1991. 2003 – via HathiTrust.
- ^ Gause, Ken E. (August 31, 2011). North Korea Under Kim Chong-il: Power, Politics, and Prospects for Change. ABC-CLIO. ISBN 9780313381751 – via Google Books.
- ^ Chiefs of State and Cabinet members of foreign governments / National Foreign Assessment Center. 1990:Sept.-Oct. 2003. hdl:2027/uiug.30112083083391 – via HathiTrust.
- ^ "North Korean Policy Elites - IDA Paper P-3903" (PDF). Defense Technical Information Center. Archived from the original (PDF) on 2021-08-30. Retrieved 2024-06-28.
- ^ "Members of the DPRK Cabinet Appointed". KKF Online. Archived from the original on 2021-10-25. Retrieved 2021-03-06.
- ^ "State leadership bodies elected". The Pyongyang Times. 12 April 2014. Retrieved 3 December 2017.
- ^ "Members of DPRK Cabinet Newly Appointed". Rodong Sinmun. 28 September 2023. Retrieved 28 September 2023.
Further reading
[edit]- Kim Il-sung (1980) [1946]. "On Strengthening State Discipline and Founding the Central Bank of North Korea" (PDF). Kim Il Sung: Works. Vol. 2. Pyongyang: Foreign Languages Publishing House. pp. 450–457. OCLC 827642144.