As prices soar, North Koreans sell homes just to raise trading capital
A growing number of North Koreans struggling to make ends meet are selling homes to raise trading capital as soaring prices have sharply driven up the funds needed to start even a small business. A source in South Hamgyong province told Daily NK on Tuesday that more people in Hamhung are selling their homes, with […]
As prices skyrocket, North Koreans are facing the desperate measure of selling their homes to acquire the funds needed for market trading, a story that daily NK, a source in South Hamgyong province, is reporting on. The soaring prices have necessitated a tenfold increase in capital required to initiate a small trading business, making it nearly impossible for those without capital to break into the market.
The exchange rate, which rose significantly since the COVID-19 pandemic, has made credit trading, where traders repaid wholesalers based on a foreign currency value, a losing proposition. Many are now forced to sell their homes, paying a monthly lodging fee to live elsewhere, in an effort to raise trading capital. However, this move does not guarantee a stable life as the volatile market could still result in catastrophic losses.
Written by urgent.news from Daily NK's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
