The extremely isolated and hard line communist state of North Korea has after a long time revalued its national currency in a bid to save the crumbling economy of the nation that has led to a extreme high rate of inflation ans mass public misery. The revaluation efforts are also aimed at putting a stop to the thriving black market that has seen immense profits in the country.

During the revaluation process, Pyongyang valued the old current system to the new one at the rate of 100 to 1, creating an exchange frenzy among the citizens, who rushed to convert their illegal monetary assets into foreign currencies. Those countries that still operate their embassies in North Korea were notified of the revaluation process via their respective consulates in Pyongyang.

As per the official Chinese media outlet, Xinhua. North Korea did not provide any reason for the sudden revaluation decision and process will continue throughout this week. The sudden revaluation process has driven many residents of North Korea to exchange their stashed away money into US dollars and Chinese yuan, to make the most of the revaluation.

As of now, the state run stores and shops have been closed and according to sources, these stores will reopen next week after the new rates for the North Korean currency has been established and thus will reset the commodity prices as well.

Via Associated Press.