North Korea is selling ‘large amounts’ of gold to China, South Korean Yonhap News Agency said citing anonymous sources.
According to South Korea’s estimates, North Korea holds gold reserves of around 2,000 tonnes worth at least $8 billion. The agency’s informants said Pyongyang started to sell gold several months ago. If North Korea is indeed selling its gold to China, then this could be considered the economic plight, specialists say.
According to unofficial reports, North Korea has never been engaged in selling gold since its leader Kim Jong-un took power in 2011 as Kim Il-sung ordered never to sell the country's gold.
North Korea has been subject to international sanctions that limit the country’s access to foreign currencies. North and South Korea reopened their Kaesong joint industrial park in autumn 2013 after a five-month hiatus. The complex was shuttered amid soaring military tensions on the Korean Peninsula.
Kaesong is considered one of the few opportunities for the North Korea to obtain additional funds.
