Central Bank of the Democratic People's Republic of Korea

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
Revised Romanization	Joseon Minjujueui Inmin Gonghwaguk Jungang Eunhaeng
McCune–Reischauer	Chosŏn Minjujuŭi Inmin Konghwaguk Chungang Ǔnhaeng

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. Paek Ryong-chon has been the bank's president since 2011.^[1]

History

On February 15, 1946, a central bank of North Korea was announced, which was to be under the control of the Soviet military.^[2] However, the bank failed to accomplish its objectives, being unable to meet its costs of operation, and the 100 million wŏn capitalisation was ineffective.^[3] 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.^[3] 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.^[4] 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.^[4] 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.^[5]

The Central Bank has over 220 branches.^[5]

References

^
^
^ ^a ^b McCune, 2007, p. 194.
^ ^a ^b McCune, 2007, p. 195.
^ ^a ^b

Central banks

Global

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Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank Deutsche Bundesbank Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo National Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia Banka Slovenije (Slovenia) National Bank of Serbia Bank of Spain Národná banka Slovenska (Slovakia) Sveriges Riksbank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of the Caribbean Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Central Bank of the Democratic People's Republic of Korea