FPI / July 23, 2021
Geostrategy-Direct
The Kim Jong-Un regime is directing North Koreans to open savings accounts in state banks and add specified amounts to them on a monthly basis.
North Korea’s residents are responding with a big “no thank you,” saying the state banks do not offer a single savings product they are interested in, the Daily NK reported on July 20.
“By ‘normalizing’ people’s use of banks, North Korea is apparently trying to get a handle on the scale and flow of its citizens’ cash possessions and to shore up state finances,” the report noted.
A North Korean source told the Daily NK that Kim regime authorities are forcing families to save money in banks “in an organized, coercive way,” and that these efforts are taking place at the inminban (people’s unit) level.
“They’re even handing down ‘savings plans’ that call for families to save a certain amount each month,” according to the source, who spoke on condition of anonymity.
The regime in Pyongyang has even designated specific deposit dates and amounts, the report said.
According to the source, however, locals remain uninterested in using the state’s financial institutions.
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