Wednesday, Oct 1, 2014Wednesday, Oct 1, 2014
Asia
 

North Korea issues new bank notes to flush out cash

Published on Aug 1, 2014 9:51 AM
 

SEOUL (AFP) - North Korea has started issuing new bank notes in an apparent effort to flush out privately hoarded cash reserves, according to South Korea's National Intelligence Service (NIS).

In a briefing to a parliamentary committee, the NIS said the new notes were issued from July 30, Yonhap news agency reported on Friday.

Old bank notes can be exchanged or used for an unspecified grace period after which they will cease to become legal tender, the NIS said.

"This is apparently aimed at compelling people to cough up their cash hoards," Lee Cheol Woo, a lawmaker with the ruling Saenuri Party, told Yonhap after Thursday's briefing.

 
If you are not a subscriber, you can get instant, unlimited access here

Videos