North Korea’s Authorities Intensify Crackdown on Illegal Currency Trading

North Korean authorities are intensifying crackdowns on illegal foreign currency trading through sting operations, causing frustration among citizens. Money changers face the risk of arrest despite their necessity in the economy, as they navigate strict enforcement measures and apparent government neglect in providing legal avenues for income.

North Korean authorities have escalated their efforts to suppress unauthorized foreign currency trading, employing sting operations to apprehend violators. In North Hamgyong province, officials in Hoeryong have collaborated since early March to target illicit currency exchange activities, which are prohibited except in state-sanctioned locations like banks.

Despite the official ban, black market currency exchanges thrive due to their more favorable rates compared to legal avenues. Authorities have increasingly utilized sting operations, enlisting informants to engage with money changers and subsequently arrest them during transactions. Money changers, although aware of such tactics, often find it difficult to discern undercover agents among potential customers.

On March 6, an incident in Hoeryong’s Nammun neighborhood highlighted these operations when a woman lost approximately $2,800 after being apprehended during a currency exchange. She had negotiated with what she believed to be a legitimate buyer, only to have authorities intervene at the critical moment, seizing both her funds and the exchanged money.

During the incident, she asserted, “It’s my money and my business, so what’s it to you? Am I some kind of thief?” This altercation resulted in her being struck. Although she was released post-interrogation due to her lack of prior offenses, her information is now on file with the authorities, raising concerns about her future safety in the trade.

The crackdown has generated substantial dissatisfaction among North Koreans, particularly among money changers. A source indicated that, “Money changers are enraged about being treated like bandits when they’re just changing money for people.” Many feel compelled to continue their illegal activities as the government fails to provide alternative means for livelihood. The heightened scrutiny has forced money changers to be more discerning with their clientele, which in turn discontent ordinary citizens who depend on these exchanges for everyday transactions.

In summary, North Korean authorities have intensified their crackdown on illegal foreign currency trading through aggressive sting operations. This strategy has created significant tension among citizens engaged in this essential yet unauthorized economic activity. The plight of money changers is particularly poignant, as they navigate the dangers of their trade while expressing frustration over the government’s inadequate economic provisions.

Original Source: www.dailynk.com