Finance
List of Commercial banks in North Korea
North Korea’s banking sector is entirely state-owned, functioning as a tool for the government to implement economic policies and maintain control over the economy. The government dictates all banking operations, including lending investment, and monetary policy.
Overview of North Korea’s Banking Sector
North Korea’s banking sector is a highly centralized and state-controlled system isolated from the global financial system. The Central Bank, under strict government oversight, manages a rudimentary banking infrastructure reliant on state-owned banks. International sanctions and limited access to technology hinder development and modernization, while a cash-based economy and strict foreign currency controls perpetuate the system’s isolation. These factors contribute to a high risk of illicit financial activities, despite the banking sector’s critical role in economic management.
| Bank Names | Bank Sector | Headquarters | Bank Revenue(KPW) | Bank Revenue(USD) | Contact Details |
| Central Bank of the DPRK | Central (also performs commercial functions) | Pyongyang | 3.4 billion | 0.0033 billion | 850218111999 |
| Foreign Trade Bank | International transactions | Pyongyang (likely) | 1.16 billion | 0.0011 billion | 85023701084. |
| Daedong Credit Bank | Unknown (possibly commercial lending) | Pyongyang (possible) | 5 Million | 0.0055 Million | 8501938018400 |
| Danchon Bank (formerly Chang-Kwang Credit Bank) | Unknown (possibly commercial lending) | Tanchon (possible) | 5.9 billion | 0.0066billion | 8513314257947 |
North Korea’s banking sector is a state-controlled instrument used to implement government policies. Despite its crucial role in the economy, it is hampered by isolation, outdated systems, and strict currency controls, limiting its modernization and global integration.
