Denomination of currency provokes hectic activities in Pyongyang.

PYONGYANG, December 1 (Itar-Tass) - The denomination of the national currency - the won - carried out on Monday, provoked feverish activities in the North Korean capital, Itar-Tass learnt from a reliable source, close to North Korean financial quarters.

Approaches to the building of the republican Foreign Trade Bank,
located in downtown Pyongyang, was blocked with cars from early morning:
representatives from various government offices came to the bank to
exchange old banknotes for new ones. Long lines formed to tellers right
after the bank's opening. People bring old cash in attache-cases and sacks.
The havoc atmosphere shows that the present money reform was a
complete surprise for local population. The present financial changes are
not reflected yet in the official exchange rate, indicated on the large
electronic scoreboard at the bank's main hall.
Central markets and large department stores were closed in Pyongyang
since Monday.
The exchange of banknotes will be made till December 6 at the rate of
1,000 old wons for ten new ones. According to the source, this measure "is
aimed at strengthening the national currency and fighting the black
market".
North Korea now has two exchange rates of the national currency:
official and black market. According to the official rate, shown at banks
and hard currency shops, one euro sells for 192 wons, and it is exchanged
for 5,200 wons in the black market.
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