1 Dollar in North Korea Currency: A Valuable Amount?
North Korea, officially known as the Democratic People's Republic of Korea (DPRK), has a unique economy and currency system. The country's official currency is the North Korean won (KPW), which is not easily exchangeable with foreign currencies. So, what is the value of 1 US dollar in North Korea's currency?
The Official Exchange Rate
The official exchange rate between the US dollar and the North Korean won is around 1 USD = 900 KPW. However, this rate is not reflective of the actual market value, as the country's exchange rates are heavily controlled by the government.
The Black Market Rate
In reality, the black market exchange rate is much higher, ranging from 8,000 to 10,000 KPW per 1 USD. This discrepancy is due to the country's strict control over foreign exchange and the limited availability of hard currency.
The Value of 1 USD in North Korea
With the black market rate in mind, 1 USD is equivalent to approximately 9,000 to 10,000 KPW. This amount can buy a significant amount of goods and services in North Korea, considering the country's low prices.
Here are some examples of what you can buy with 1 USD in North Korea:
- Food: 1 USD can buy around 10-15 kilograms of rice, 10-15 pieces of bread, or 5-10 kilograms of vegetables.
- ** Transportation:** 1 USD can pay for around 10-15 bus rides or 5-10 taxi fares.
- Daily Essentials: 1 USD can buy a few bottles of beer, a pack of cigarettes, or some basic household items.
The Significance of 1 USD in North Korea
In North Korea, 1 USD is a valuable amount due to the country's limited access to foreign currency. The government tightly controls the flow of foreign exchange, making it difficult for ordinary citizens to access hard currency.
For locals, 1 USD can be a significant amount, equivalent to several days' worth of wages. For foreigners, 1 USD can buy a range of goods and services, making it a valuable currency in the isolated country.
Conclusion
In conclusion, 1 USD in North Korea's currency is a significant amount due to the country's unique economy and currency system. While the official exchange rate is 1 USD = 900 KPW, the black market rate is much higher, making 1 USD equivalent to around 9,000 to 10,000 KPW. This amount can buy a range of goods and services in North Korea, making it a valuable currency in the isolated country.
