<Table> <Tr> <Td> </Td> <Td> This article contains Korean text . Without proper rendering support, you may see question marks, boxes, or other symbols instead of Hangul and Hanja . </Td> </Tr> </Table> <Tr> <Td> </Td> <Td> This article contains Korean text . Without proper rendering support, you may see question marks, boxes, or other symbols instead of Hangul and Hanja . </Td> </Tr> <P> The Central Bank of the Democratic People's Republic of Korea is North Korea's central bank . Established on December 6, 1947, it issues the North Korean wŏn . The Bank is subordinated to the Cabinet of North Korea . Paek Ryong - chon has been the bank's president since 2011 . </P> <P> On February 15, 1946, a central bank of North Korea was announced, which was to be under the control of the Soviet military . However, the bank failed to accomplish its objectives, being unable to meet its costs of operation, and the 100 million wŏn capitalisation was ineffective . The North Korean Interim People's Committee did not look upon the bank favorably, and chose instead to work through the Farmers' Bank, which also existed at the time . By late 1946, banking functions were consolidated into two main institutions, the Central Bank and Farmer's Bank . In June 1947, around 1,000 million wŏn was concentrated in the Central Bank, allowing it to extend credits totalling 900 million wŏn for economic rehabilitation . The consolidation reflected a return to the original objectives of the People's Committee, which wanted closer control over the economy; any banking people opposed to the changes within the system were removed from their posts . On December 6, 1947, a comprehensive program of currency reform was announced . </P>

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