Central Bank of the Democratic People's Republic of Korea

Central Bank of the Democratic People's Republic of Korea
Central Bank of the Democratic People's Republic of Korea
조선민주주의인민공화국중앙은행
Joseon Minjujueui Inmin Gonghwaguk Jungang Eunhaeng
Headquarters Pyongyang
Central bank of Democratic People's Republic of Korea
Currency North Korean won
ISO 4217 Code KPW
Central Bank of the Democratic People's Republic of Korea
Chosŏn'gŭl 조선민주주의인민공화국중앙은행
Hancha 朝鮮民主主義人民共和國中央銀行
McCune–Reischauer Chosŏn Minjujuŭi Inmin Konghwaguk Chungang Ǔnhaeng
Revised Romanization Joseon Minjujueui 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. Ri Kwang-gon is its president since April 2009.

History

On February 15, 1946, a central bank of North Korea was announced, which was to be under the control of the Soviet Union military.[1] However, the bank failed to accomplish its objectives, being unable to meet its costs of operation, and the 100 million wŏn capitalisation was ineffective.[2] The North Korean Interim People's Committee did not look upon the bank favourably, and chose instead to work through the Farmers' Bank, which also existed at the time.[2] 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 rehabilition.[3] The consilidation reflected a return to the original objectives of the People's Committee which wanted closer control over the economy; any opposition from banking people to the changes within the system were removed from their posts.[3] 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's People's Republic of Korea. The Foreign Trade Bank was established to handle the Central Bank's international business.[4]

The Central Bank has over 220 branches.[4]

References

  1. ^ McCune, George M. (2007). Korea Today. READ BOOKS. pp. 193. ISBN 978-1406727647. 
  2. ^ a b McCune, 2007, p. 194.
  3. ^ a b McCune, 2007, p. 195.
  4. ^ a b Hoare, James; Pares, Susan (2005). A political and economic dictionary of East Asia. Routledge. pp. 31. ISBN 978-1857432589. 

Wikimedia Foundation. 2010.

Игры ⚽ Поможем написать курсовую

Look at other dictionaries:

  • Central Bank of the Dominican Republic — The Central Bank of the Dominican Republic (Spanish: Banco Central de la República Dominicana, BCRD) was established by the Monetary and Banking Law of 1947 as the central bank of the Dominican Republic, responsible for regulating the country s… …   Wikipedia

  • Korea, Democratic People's Republic of — ▪ 2009 Area: 122,762 sq km (47,399 sq mi) Population (2008 est.): 23,867,000 Capital: Pyongyang Head of state and government: Chairman of the National Defense Commission Kim Jong Il       In 2008 North Korea lived up to the traditional nickname… …   Universalium

  • Central Bank of Iraq — البنك المركزي العراقي The Central Bank of Iraq, guarded by U.S. troops in …   Wikipedia

  • Central Bank of Nigeria — Central Bank of Nigeria …   Wikipedia

  • Central Bank of Chile — The Central Bank of Chile (Spanish: Banco Central de Chile) is the central bank of Chile. It was originally created in 1925 and is incorporated into the current Chilean Constitution as an autonomous institution of constitutional rank. Contents 1… …   Wikipedia

  • Central Bank of Montenegro — Centralna Banka Crne Gore …   Wikipedia

  • Central Bank of Uzbekistan — The Central Bank of Uzbekistan, officially the Central Bank of the Republic of Uzbekistan (Uzbek: O zbekiston Respublikasi Markaziy banki / Ўзбекистон Республикаси Марказий Банки), is the country s national bank. Contents 1 Structure of the… …   Wikipedia

  • Central Bank of Iceland — The Central Bank of Iceland (Icelandic: Seðlabanki Íslands) is the central bank or reserve bank of Iceland. It has served in this capacity since 1961, when it was created by an act of the Alþingi out of the central banking department of… …   Wikipedia

  • Central Bank of Cuba — The Central Bank of Cuba (Spanish: Banco Central de Cuba, BCC) is the central bank of Cuba. It was created in 1997, to take over many of the functions of the National Bank of Cuba (Spanish: Banco Nacional de Cuba). From its creation, until May… …   Wikipedia

  • Central Bank of Cyprus — Kεντρική Τράπεζα Κύπρου (Greek) Kıbrıs Merkez Bankası (Turkish) …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”