DPRK's Monetary reforms have already attracted the world's attention.It is important to system-atically understand the motives,the process and the results of these reforms.Through the establishment of the state-owned central bank,DPRK formed autonomous bank system in 1946,which can issue sovereign currency independ-ently.In 1947,1995,1979,1992 and the year of 2009,five monetary reforms were conducted in succession.These reforms caused significant changes in commodity price,price standard,and the amount of social currency in circula-tion.With different social backgrounds and policy effects,the reforms sometimes consolidated foundation of monetary system and improved the control of the central bank over macro-economy.Sometimes,however,they caused the dis-order of monetary system and excessive price fluctuations,and as a result made negative impact on the stable devel-opment of national economy.DPRK has reviewed the experience and carried out researches on the new monetary system and reform of central bank that are suitable for domestic economic operation.
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