DPRK re-denominates national currency.

SEOUL, December 1 (Itar-Tass) - The Democratic People's Republic of
Korea (DPRK) has sharply increased the rate of the national currency, for
the first time in the past 17 years, the Yonhap news agency reported on
Tuesday. It is believed here that the re-denomination of the North Korean
won has been prompted by the need to fight inflation and by attempts to
crack on black market trade.
According to North Korean sources that transact trade operations with
China, Pyongyang announced a currency reform at 11:00 local time on
Monday. An exchange of new money began on 14:00 local time, the sources
said on conditions of anonymity.
The new exchange rate is 100 to one, or, in other words,1,000 old won
are exchanged for ten new ones. The North Korean government's decision
proved to be a complete surprise to the local market.
-0-pop