Currency reform sparks anger in North Korea

North Korea's currency revaluation has sparked anger and frustration in the communist state, as its citizens are seeing much of their savings being wiped out.

Foreign embassies in Pyongyang have confirmed that North Koreans have been given a week to exchange old notes for the new ones.

Analysts say the revaluation is aimed at curbing inflation and clamping down on growing free markets in the country.

The move is set to destroy much of whatever people have managed to save in one of the world's poorest countries.

The North Korean government has already taken steps to curb free markets. The marketplaces sprang up after the state food distribution system collapsed during famines in the 1990s.

The authorities initially limited the total sum that an individual can exchange to 100,000 Won.

But the limit was raised to 150,000 Won in cash and twice that in bank savings following widespread protests.