North Korea executes official over currency reformMarch 18th, 2010 - 2:36 pm ICT by IANS
Moscow, March 18 (IANS/RIA Novosti) North Korea has executed a former top finance official over the country’s failed currency reform, South Korea’s Yonhap news agency said Thursday.
North Korea redenominated its national currency, the won, in November in a bid to curb inflation and fight black-market currency trading. But the move only led to food shortages and public outrage.
Pak Nam Gi, the ruling Workers’ Party finance and planning department chief, was reportedly executed by a firing squad in Pyongyang last week.
Pak, who spearheaded the reform, was accused of wrecking the economy and harming leader Kim Jong-Il’s plans to transfer power to his son, Yonhap said.
In the 1990s, a top North Korean agricultural official was reportedly shot dead after a nationwide famine.
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Tags: currency reform, currency trading, department chief, famine, food shortages, inflation, kim jong il, market currency, national currency, north korea, pak nam, party finance, planning department, public outrage, pyongyang, ria novosti, south korea, top finance, workers party, yonhap news agency