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KEI Spotlight

RFA quotes Senior Director Stangarone on the Effects of DPRK Sanctions

October 29, 2018

As part of its coverage on informal markets in North Korea, Radio Free Asia interviewed KEI Senior Director Troy Stangarone about the effect that sanctions have had on the country's nascent commercial activities. Troy highlighted that the available data does not reveal significant volatility in the won's exchange rate or the price of rice during this time. When asked to provide a hypothesis for why this may be the case, Troy pointed to the possibility that North Korean consumers may be using foreign currency to acquire basic goods. This echoes Georgetown's Dr. William Brown and the South Korean government, which has previously reported that North Korea is running low on foreign exchange currency because it is spending it on basic purchases.

RFA's interview with Troy was additionally picked up by Asia Economy and NewsPim