BUYING PANIQ IN KOREA
EFFECT OF RUSSIAN CURRENCY ACTION ALL EXISTING MONEY CANCELLED (Rec. 9 p.m.) KOREA- December 10. The Soviet-controlled Government of North Korea confiscated all currency and closed all but the nation-ally-owned stores last week with • swift stroke that created a wild buying panic and put the sone on a "rice economy.” Newspaper reports from the sone say that the North Koreans awoke on December 4 to receive by radio* mobile loud-speaker units, and handbills the news that all tne existing currency, which is "Red Army yen.
must be turned into the banks by December 7, when the heads of families would receive 500 yen in new currency and others 200 yen. No value will be established for the new currency until February 4. The people immediately started a wild buying spree, and some farmers tossed 100-yen notes into the streets. All work stopped as Koreans thronged towards the zone capital, Pyongyano, in attempts to buy any merchandise with a possible resale value. This forced the Russian authorities to close all but the nationally-owned stores.
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Press, Volume LXXXIII, Issue 25365, 12 December 1947, Page 7
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177BUYING PANIQ IN KOREA Press, Volume LXXXIII, Issue 25365, 12 December 1947, Page 7
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