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North Korea has been hit hard by currency changes and food prices as a result of the Covid-19 pandemic and other countries are threatening Kim Jong Un.
The move is expected to exacerbate the problem for the North Korean population by 25m. It can also free up an unconventional national market, known as jangmadang, adding to the instability.
Winners in North Korea praised about 30% against the US dollar and 40% against the Chinese renminbi since the outbreak began, according to the Daily NK, a page that follows North Korean markets.
“There are cheap prices on the market right now, which is very risky. At the same time, oil prices have skyrocketed and forex prices – the dollar and renminbi against the winners – have plummeted, “says Peter Ward, a North Korean expert at the University of Vienna.
Pyongyang is in particular he set the land apart From outsourcing and support since the onset of the coronavirus crisis, fear of exposure to uncontrolled transmission of the virus. The damage from the storm last year was even greater financial problems.
Experts say that the money is foreign currency moves combining the collapse of trade with government efforts to divert foreign exchange to domestic sales.
William Brown, a former US chief of information officer leading Southeast Asia Economics and Intelligence Advisory, an assistant, said economic stability has been a symbol of Kim’s authority. This market growth after inflation and the economic downturn under Kim Jong Il, his father.
“Wild Changes” threatens to exacerbate the country’s frustrating frustration, Brown he wrote 38th North, a program run by Stimson Center, a US think tank. “At one point, even here, rising prices are looking at him as a formidable foe. . . than the United States, ”he added.
Go Myong-hyun, a North Korean economist at the Asan Institute for Policy Study, a Seoul think tank, has noted that Kim has ordered the country to reduce its dependence on foreign “diseases”, in line with recent developments in economic development and Squeeze the top people in the country.
“The North Korean system also avoids repeating the famine of the 1990s, the main issue here is North Korea’s attempt to suppress the market. . . to me it is clear that it is going after jangmadang, ”He said.
Kim’s dominance turns to his own a violent group to raise money, experts say.
Yana Blachman, an Israeli intelligence officer who works for the cyber security team in Venice, said the money generated by cybercrime should be seen as the first way to make money. North Korean pirates have made billions of dollars in recent years through Supplemental plans tracking banks and other financial institutions, including lenders and cryptocurrency exchanges.
“There are a lot of unspoken conflicts, especially on small issues, that don’t look like an eagle and a cryptocurrency,” he said.
The economic crisis is being felt by the people of North Korea, many of whom are already suffering lack of food, according to separatists who connect with their peers in the country.
Kang Chol-hwan, who lives in Seoul, said prices for food and basic necessities have risen from three to 10 times.
“It sounds like Kim’s government is starting to weaken slowly,” he said.
Seo Jae-pyeong, a survivor, said the amount of food from China appeared to be declining, despite early indications additional shipping.
“Asking how often people eat is not the right question,” Seo said. “The question should be whether the sauce is thin or fat.”
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