BankHeadOffice.com         Bank Head Office Worldwide   ♦ Loan Calculators ♦ Mortgage Guides ♦ Banking FAQs ♦ Banking Institutions ♦ Central Banks Worldwide       Home  »  Central Banks Worldwide  »  Central Bank of the Democratic People's Republic of Korea Central Bank of the Democratic People's Republic of Korea The Central Bank of the Democratic People's Republic of Korea (Korean: 조선민주주의인민공화국중앙은행) is North Korea's central bank. Established on December 6, 1947 and it issues the North Korean wŏn. On February 15, 1946, a central bank of North Korea was announced, which was to be under the control of the Soviet Union military. However, the bank failed to accomplish its objectives, being unable to meet its costs of operation, and the 100 million wŏn capitalization was ineffective. 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. 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 totaling 900 million wŏn for economic rehabilitation. The consolidation reflected a return to the original objectives of the People's Committee which wanted closer control over the economy; any opposition from banking people to the changes within the system were removed from their posts. 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 People's Republic of Korea. The Foreign Trade Bank was established to handle the Central Bank's international business. The Central Bank has over 220 branches across the country. Central Bank Information: Head Office Address: Pyongyang, North Korea Website: N/A Currency: North Korean Won   DISCLAIMER The content comes from Internet, reasonable efforts are made to maintain accuracy of information published. However, information could contain errors or inaccuracies and is presented without warranty and statutory means. No liability is assumed for errors or omissions. Viewers are advised to consult their banker or financial consultant for complete information and their professional advise. All trademarks, logos, brand names and copyrights are the property of their respective owners. © 2011 - 2022 BankHeadOffice.com ® All Rights Reserved