DPRK overseas funds

According to KBS:

The Voice of America (VOA) says that, as of end of March, North Korea has a total of 67 million U.S. dollars in foreign banks in the name of individuals or groups.

Quoting a report from the Bank for International Settlements (BIS), the broadcaster said that the deposit stood at 106 million dollars at the end of last year, but plunged by 37 percent in just three months.

An official at the U.S. Congressional Research Service said that a substantial amount of the deposit is euro-denominated, and the drop over the three months might be a result of the euro’s depreciation.

The BIS report, released on July 10th, compiled quarterly reports presented by central banks of 43 nations.

Read the full story here:
VOA: NK Has $67Mln in Foreign Banks
KBS
8/3/2010

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This entry was posted on Tuesday, August 3rd, 2010 at 10:43 am and is filed under Banking, Finance, Fiscal & monetary policy, International trade. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

One Response to “DPRK overseas funds”

  1. eunsung says:
    August 8, 2010 at 11:10 am

    That sounds real low. Not a bad monthly paycheck, but savings? You can’t run a country on that. Surely it’s higher.