Question 1

What is the official state exchange rate system in North Korea?

Accepted Answer

The Foreign Trade Bank of the DPRK establishes an official statutory peg (historically ~900 KPW per USD for commercial accounts and diplomatic missions), distinct from domestic market circulation rates.

Question 2

What were Foreign Exchange Certificates (FEC) in North Korea?

Accepted Answer

FECs were state-issued currency coupons previously utilized by foreign travelers and commercial representatives to settle hotel, transport, and import store invoices in hard foreign currency denominations.

Question 3

What foreign currencies circulate legally in the Rason Special Economic Zone?

Accepted Answer

In the Rason Special Economic and Trade Zone, Chinese Yuan (CNY / RMB), US Dollars (USD), and Russian Rubles (RUB) circulate legally for retail commerce alongside state bank settlements.

Question 4

What role does the Foreign Trade Bank of the DPRK (FTB) perform?

Accepted Answer

The Foreign Trade Bank is the primary state foreign exchange bank responsible for international payments, trade letter of credit settlements, and foreign currency accounting.

Question 5

Are international debit and credit cards accepted in North Korea?

Accepted Answer

International Visa, Mastercard, and SWIFT transactions are barred due to global financial sanctions; visitors and traders rely on prepaid electronic cash cards (such as the Koryo Card) or cash.

Foreign Principal Converted	$5,000.00
Official Benchmark Exchange Rate	900.00 KPW
Total Equivalent in North Korean Won (KPW 조선원)	4,500,000 ₩

North Korea Foreign Currency Exchange Calculator

Foreign Currency & Benchmark Rate

Exchange Conversion Statement

Foreign Trade Bank Settlement Document

Engr. Muhammad Shahzad