Pyongyang currency official fired over monetary reform

SEOUL: Pyongyang fired a senior communist party official who headed the country's recent currency reform after the measure caused severe inflation and social unrest in some areas, reports said yesterday.

In late November, the Democratic People's Republic of Korea (DPRK) redenominated its national currency, the won, for the first time since 1959 as part of its efforts to resolve worsening inflation and reassert control over the country's economy. The measure, however, reportedly sparked despair and frustration among many residents left with piles of worthless bills.

It also "paralyzed" street markets that have sprung up in recent years and led prices to skyrocket, Seoul's mass-circulation Chosun Ilbo newspaper said, citing a source in Beijing it did not identify.