The Central Bank of the Democratic People's Republic of Korea is the central bank of North Korea. Established on December 6, 1947, it issues the North Korean won. The bank is subordinated to the Cabinet of North Korea.
Since 2023, the president of the bank has been Paek Min Gwang.[2] The bank served as the de facto commercial bank of North Korea before Kim Jong-un assumed the power, when financial and banking reforms separated the central bank from commercial functions.[3]
History
In December 1945, the Pyongyang branch of the Bank of Chōsen created a temporary monetary office, known as the "calculation office". On 1946/01/09, the central bank of North Korea was created with use of all branches of the Bank of Chōsen on North Korean territory.[4] In practice, that central bank was under the control of the Soviet Armed Forces.[5]