Do anyone remember about the new North Korea currency crisis? The new won redomination is an effort to fight inflation and reassert control over its burgeoning market economy. The exchange rate set at 100 old won to 1 new won. That move reportedly sparked unrest after many North Koreans were stuck with piles of worthless bills. A government economist said markets were forced to close for several days due to problems setting prices. Regarding to that matter, North Korea executed two of their senior economic officials last month by firing squad execution.
Photo by Daily mail UK: Pak Nam Gi.
The two officials were executed by firing squad March 12 at a stadium in the North Korean capital, Pyongyang, before an audience of members of the ruling Workers Party and finance officials, the Seoul-based Daily NK reported Sunday. The officials were the ruling party's finance and planning department chief who spearheaded the reform, Pak Nam Gi, and a vice chief of the State Planning Commission, Daily NK said. Pak's execution was reported last month by other South Korean media but there has been no official confirmation. The agency did not have the name of the second official.
Public execution by firing squad is normal in North Korea to execute officials for policy failures. In 1990, North Korea publicly executed a top agricultural official following widespread starvation. Pak Nam Gi was arrested in late January at the end of a three-day meeting in Pyongyang on the currency revamp, the report said. It said a judge called Pak a "traitor that plunged the people's life into distress" just before the execution.
North Korea is one of the world's most isolated nations and its radios and TV sets receive only broadcasts by state media. One way monitoring agencies in Seoul get information from sources in North Korea is via illicit mobile phones that connect to networks in neighboring China. Senior North Korean economist Ri Ki Song told broadcast APTN last week that markets closed temporarily after the redomination but later reopened as the economy stabilized. Speaking in a rare interview, Ri denied reports of social upheaval following the change.
Photo by Daily mail UK: Pak Nam Gi.The two officials were executed by firing squad March 12 at a stadium in the North Korean capital, Pyongyang, before an audience of members of the ruling Workers Party and finance officials, the Seoul-based Daily NK reported Sunday. The officials were the ruling party's finance and planning department chief who spearheaded the reform, Pak Nam Gi, and a vice chief of the State Planning Commission, Daily NK said. Pak's execution was reported last month by other South Korean media but there has been no official confirmation. The agency did not have the name of the second official.
Public execution by firing squad is normal in North Korea to execute officials for policy failures. In 1990, North Korea publicly executed a top agricultural official following widespread starvation. Pak Nam Gi was arrested in late January at the end of a three-day meeting in Pyongyang on the currency revamp, the report said. It said a judge called Pak a "traitor that plunged the people's life into distress" just before the execution.
North Korea is one of the world's most isolated nations and its radios and TV sets receive only broadcasts by state media. One way monitoring agencies in Seoul get information from sources in North Korea is via illicit mobile phones that connect to networks in neighboring China. Senior North Korean economist Ri Ki Song told broadcast APTN last week that markets closed temporarily after the redomination but later reopened as the economy stabilized. Speaking in a rare interview, Ri denied reports of social upheaval following the change.
Source: Associated Press, Daily Mail UK.
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