The North Korean official who oversaw last year’s disastrous currency revaluation has been executed by firing squad, according to reports from South Korea.
Pak Nam Gi, the former finance director of the ruling Workers’ Party, was shot in Pyongyang last week, according to the Yonhap news agency and a South Korean newspaper.
Yonhap quoted an unidentified North Korean source saying that the official had been convicted of treason for “ruining the national economy as the son of a big landlord who infiltrated the ranks of revolutionaries”.
It is more likely that he has been made a scapegoat for one of the most unpopular moves by the North Korean regime since the deadly famine of the 1990s.
Know any other central bankers who have been printing money to prop up a cult-of-personality regime and ought to ponder this?
HT: Skeptical CPA