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Regulations on Management of Foreign Currency in Kaesong Industrial Zone Adopted

Korean Central News Agency of DPRK

    Pyongyang, March 5 (KCNA) -- The Presidium of the Supreme People's Assembly of the DPRK adopted a decision on regulations on the management of foreign currency in the Kaesong Industrial Zone on February 25. The 18 article-regulations are intended to establish a strict order in managing foreign currency in the zone and thus contribute to a smooth circulation of foreign currency there.
    The regulations are applicable to enterprises and individuals using foreign currency in the zone.
    According to the regulations, the Industrial Zone Management Body shall take charge of the management of foreign currency in the zone while the Central Industrial Zone Guidance Body shall take charge of income in foreign currency in the DPRK.
    The zone shall circulate convertible foreign currency in cash and apply the exchange rate of circulating fund according to the international financial market rate fixed after the Industrial Zone Management Body's discussion with the Central Industrial Zone Guidance Body.
    An enterprise shall open a foreign currency account with a bank established in the zone and any enterprise willing to open an account with banks in south Korea or in a foreign country shall send a written notification to the Industrial Zone Management Body.
    The regulations also specify the secrecy of deposits, calculation of interest, presentation of documents on the income or expenditure of foreign currency, possession of foreign currency by individuals, carrying in and out foreign currency, its remittance, sanctions, etc.