The Central Bank of the Democratic People’s Republic of Korea is North Korea‘s central bank. Established on December 6, 1947, it issues the North Korean wŏn. The Bank is subordinated to the Cabinet of North Korea. Paek Ryong-chon has been the bank’s president since 2011.[3]
History
On February 15, 1946, a central bank of North Korea was announced, which was to be under the control of the Soviet military.[4] However, the bank failed to accomplish its objectives, being unable to meet its costs of operation, and the 100 million wŏn capitalisation was ineffective.[5] The North Korean Interim People’s Committee did not look upon the bank favorably, and chose instead to work through the Farmers’ Bank, which also existed at the time.[5] By late 1946, banking functions were consolidated into two main institutions, the Central Bank and Farmer’s Bank. In June 1947, around 1,000 million wŏn was concentrated in the Central Bank, allowing it to extend credits totalling 900 million wŏn for economic rehabilitation.[6] The consolidation reflected a return to the original objectives of the People’s Committee, which wanted closer control over the economy; any banking people opposed to the changes within the system were removed from their posts.[6] On December 6, 1947, a comprehensive program of currency reform was announced.
In 1959, the Central and Farmers’ banks were merged to form the Central Bank of the Democratic’s People’s Republic of Korea. The Foreign Trade Bank was established to handle the Central Bank’s international business.[7]
The Central Bank has over 220 branches.[7] It operates the Chŏnsŏng electronic cash card.[8]
The Rothschilds own 80% of the landmass of Israel and are the true face behind the zionist movement.
1980:
The global phenomenon of privatisation starts. The Rothschilds are behind this from the very beginning in order to seize control of all publicly owned assets worldwide.
1981:
Banque Rothschild is nationalised by the French government. The new bank is called, Compagnie Européenne de Banque. The Rothschilds subsequently set up a successor to this French bank, Rothschild & Cie Banque (RCB), which goes on to become a leading French investment house.
1985:
N. M. Rothschild & Sons advise the British government on the privatisation of British Gas. They subsequently advise the British government on virtually all of their other privatisations of state owned assets including: British Steel; British Coal; all the British regional electricity boards; and all the British regional water boards.
1987:
Edmond de Rothschild creates the World Conservation Bank which is designed to transfer debts from third world countries to this bank and in return those countries would give land to this bank. This is designed so the Rothschilds can gain control of the third world which represents 30% of the land surface of the Earth.
1989:
The London and Paris Rothschilds announce the launch of a new subsidiary, Rothschild GmbH, in Frankfurt, Germany.
1995:
Former atomic energy scientist, Dr Kitty Little claims the Rothschilds now control 80% of the world’s uranium supplies giving them a monopoly over nuclear power.
1998:
The European Central Bank is set up in Frankfurt, the city from which the Rothschilds originate.
2003:
The United States invades Iraq which was then one of six nations left in the world that didn’t have a Rothschild controlled central bank. Most of the stock of the FED belongs to them too.
The only countries left in 2003 without a Central Bank owned by the Rothschild Family were:
- Sudan
- Libya
- Cuba
- North Korea
- Iran
The Attacks of September 11th were an inside job to invade Afghanistan and Iraq to then establish a Central Bank in those countries.
The only countries left in 2011 without a Central Bank owned by the Rothschild Family were:
- Cuba
- North Korea
- Iran
- Syria?
After the instigated protests and riots in the Arab countries the Rothschild finally paved their way into establishing Central Banks, and getting rid of many leaders, which put them into more power.
First attack will be on Iran. We’re getting softer with Cuba and it won’t be long before we impose a private central bank.
North Korea will be the final state standing up to the U.S.
A central bank, reserve bank, or monetary authority is an institution that manages a state’s currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base
The main function of a central bank is to control the nation’s money supply (monetary policy), through active duties such as managing interest rates, setting the reserve requirement, and acting as a lender of last resort to the banking sector during times of bank insolvency or financial crisis. Central banks usually also have supervisory powers, intended to prevent bank runs and to reduce the risk that commercial banks and other financial institutions engage in reckless or fraudulent behavior. Central banks in most developed nations are institutionally designed to be independent from political interference.[2][3] Still, limited control by the executive and legislative bodies usually exists.