Top List of Banks in North Korea
Government bodies and the military primarily operate banks in North Korea. The banking system is strictly regulated and supervised by the Central Bank of the Democratic People's Republic of Korea, ensuring that all banks adhere to its policies. The North Korean economy is centrally planned and heavily regulated by the state. The central bank provides credit and investment funds for many state-owned enterprises, including mining, construction, textile, chemical, and wood processing industries. These are the top banks in North Korea:
Central Bank of the Democratic People's Republic of Korea
The Central Bank of the Democratic People's Republic of Korea is the central Bank of North Korea. As of 2009, it had 220 branches. The Bank was established as the Central Bank of Korea on Juche 34 (1945) and received its current name in 1947. It is headquartered in P'yŏngyang.
The Bank conducts the monetary policy of the DPRK by controlling its money supply. It also produces banknotes and coins and supervises financial institutions, including banks, credit unions, insurance companies, and other financial services providers. It manages the country's foreign exchange and gold reserves and its international payments. The Bank is responsible for clearing transactions between different banks in North Korea.
The Central Bank of the Democratic People's Republic of Korea also issues bonds in foreign currencies to raise capital for the nation.
The Farmers' Bank of North Korea is the country's oldest Bank and the largest of the nation's financial institutions. The Farmers' Bank of North Korea was established on February 26, 1946, with a mission to "promote the development of agriculture and rural areas." While operating as a rural bank in its early years, the Farmers' Bank of North Korea now operates nationally with branches throughout the country. It has branches nationwide, located across provinces in Pyongyang, Hamhung, and Wonsan. The organization employs thousands of people, including 84 total employees. As for the financial year ended 31/12/2021, the company had an approximated total assets of 4,142,749 million. Its primary role is to regulate financial institutions, including commercial banks and foreign exchange bureaus.
Foreign Trade Bank of the Democratic People's Republic of Korea
The Foreign Trade Bank of the Democratic People's Republic of Korea, commonly known as the Foreign Trade Bank (FTB), is a North Korean commercial bank. It is headquartered in Pyongyang and operates branches abroad. The FTB was founded on January 1, 1972, as a state-owned foreign exchange bank. It has been described as "the country's primary foreign exchange bank ."It is the central state foreign exchange bank and is tasked with managing its foreign earnings and payments. FTB is also involved in import-export activities, servicing foreign trade transactions, and providing banking services to foreign organizations operating in North Korea.
Chinmyong Joint Bank
Chinmyong Joint Bank is a North Korean bank and the only financial institution that maintains accounts for foreign companies.
The Bank was founded in 1916 under Japanese rule as the Chosen Foreign Exchange Bank. After the division of Korea, it became the Foreign Exchange Bank of North Korea in 1946. In 1967, it was renamed the Central Bank of the Democratic People's Republic of Korea. In 1989, it changed its name to Joint Bank of North Korea and finally, in 1998, to Chinmyong Joint Bank.
Chinmyong Joint Bank offers a range of products and services to individuals and businesses. Products include checking accounts, savings accounts, term deposits, loans, and mortgages. Chinmyong Joint Bank also provides fiduciary services. The Bank has many branches in the capital and operates a satellite branch in China. It offers general banking services to North Korean customers and facilitates international trade, processing payments, and exchanging foreign currencies. It holds correspondent accounts with six Chinese banks.
Civilian Corporation Bank
Civilian Corporation Bank, also known as Corporation Bank, is one of India's leading public sector banks. The Bank has approximately 2,432 fully automated CBS branches. The total assets of the Bank at the end of the fiscal year 2020 were estimated to be 2.3 trillion Indian rupees, and its net profit for the same period was around 28 billion rupees.
The Bank offers a wide range of products and services, including loans, deposits, and cards. It offers personal loans for various needs such as wedding expenses, home renovation, educational expenses, and medical expenses. The Bank also offers loans for vehicles, including cars and two-wheelers. The Bank offers several deposit products such as term deposits, recurring deposits, and tax-saving deposits. It also offers debit cards such as Visa Gold Debit Card, Visa Platinum Debit Card, and Rupay Platinum Debit Card.
Benefits of having banks in North Korea
If you're a North Korea resident, you've no doubt heard the buzz about bank accounts. But you may still be wondering whether opening an account is right for you. The truth is that bank accounts offer many benefits for people in North Korea.
The following are the benefits of banks in North Korea:
When you have a bank account, it's easier to pay bills and make purchases. You can pay bills directly from your account with online bill pay, and many companies will give you a discount for setting up automatic payments. You can also use your debit card to make purchases instead of writing checks or carrying cash.
It's much safer to keep your money in a bank account than in cash at home (unless one of your kids finds it). That's because the FDIC ensures most accounts for up to $250,000 per person per institution, so if your Bank fails, the government will reimburse you for your losses. In addition, banks offer additional protections against fraud and theft of debit cards.
It's an easy way to save money.
A bank account not only provides you with a safe place to keep your cash but it makes saving easier by allowing you to set up automatic transfers from your checking account into your savings account.
Q. Does North Korea have a central bank?
A. Yes, it's called the Central Bank of the Democratic People's Republic of Korea. But it doesn't have much in the way of assets.
The Central Bank of the Democratic People's Republic of Korea was established in 1947. The Bank handles foreign trade and internal credit and is the only Bank authorized to issue currency.