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
President	Kim Chon-gyun (Since April 2014)
Central bank of	Democratic People's Republic of Korea
Currency	North Korean won KPW (ISO 4217)

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 favorably, 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 rehabilitation.^[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

↑ "North Korean Economy Watch & Central Bank".
↑ McCune, George M. (2007). Korea Today. READ BOOKS. p. 193. ISBN 978-1-4067-2764-7.
1 2 McCune, 2007, p. 194.
1 2 McCune, 2007, p. 195.
1 2 Hoare, James; Pares, Susan (2005). A political and economic dictionary of East Asia. Routledge. p. 31. ISBN 978-1-85743-258-9.

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Agency Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

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 (Denmark) Deutsche Bundesbank (Germany) 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 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 National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank 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

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