{
  "id": 4006399,
  "title": "As won crashes, rural North Koreans rush to buy dollars",
  "url": "https://urgent.news/2026/08/28/as-won-crashes-rural-north-koreans-rush-to-buy-dollars",
  "topic": "world",
  "section": "World",
  "published": "2026-08-28T14:19:00.000Z",
  "source": {
    "name": "Daily NK",
    "slug": "daily-nk",
    "url": "https://www.dailynk.com/english/north-korea-rural-foreign-currency-won-value/"
  },
  "original_language": "en",
  "account": "As rural North Koreans grow increasingly concerned about the rapidly depreciating value of the North Korean won, they are flocking to convert their spare cash into U.S. dollars or Chinese yuan, Daily NK has learned. Even in farming communities that had previously shown little interest in foreign currency, the belief that holding onto the won \"means taking a loss\" is gaining traction. People in rural areas, such as Ryongchon and Tongchang counties, are traveling to nearby cities to exchange small sums of won for dollars or yuan, believing that foreign currency better protects the value of their savings. The shift towards foreign currency is particularly noticeable in mountainous areas, where barter and won transactions have long been the norm, making rural communities relatively insulated from exchange rate fluctuations compared to city dwellers. This change began in the second half of 2024, as market prices and exchange rates surged dramatically. With prices failing to decrease, farming communities have become increasingly anxious about the erosion of their assets if they hold onto won. A source in North Pyongan province described how the exchange rate has climbed steadily over the past two years, while the value of the won continues to fall. They explained that people who once had no interest in foreign currency now feel an urgent need to convert even small amounts of money into dollars or yuan. The source emphasized that the exchange rate has risen so sharply that it has become a topic of conversation throughout rural areas. In Ryanggang province, a source noted that while people in border areas frequently use yuan, rural communities typically held onto their limited cash in won, as trading was not the primary livelihood. However, the recent surge in prices and the exchange rate has made the value of won so low that some rural residents have even called it \"worse than paper\" and \"worth less than scrap paper.\" The preference for foreign currency as a store of value is spreading to the countryside, creating a new dividing line in economic status. While some individuals have spare cash to convert into foreign currency, those lacking funds remain fully exposed to the consequences of the weakening won, deepening their frustration as the gap between the affluent and the impoverished continues to widen.",
  "summary": "A growing number of people in rural North Korea are converting their spare cash into U.S. dollars or Chinese yuan, as fears grow that the North Korean won is rapidly losing value, Daily NK has learned. Even in farming communities that once showed little interest in foreign currency, the belief that holding onto North Korean […]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}