North Korea's "Kim Il Sung–Kim Jong Il Fund" has established a commercial bank.
On the 8th, the Kim Il Sung–Kim Jong Il Fund said on the board of directors' website that it established the commercial bank "Kumsusan Bank" in March under North Korea's Commercial Bank Law. The bank is reportedly located on the seventh floor of the Potonggang Hotel in Pyongyang.
The Kim Il Sung–Kim Jong Il Fund said, "Kumsusan Bank is a trustworthy commercial bank that financially supports the economic activities of the fund's board members and investors."
It went on to say, "With its own solid financial base and reputation as the foundation of trust," it will "pursue its own development while providing various forms of safe investment environments."
Some observers say the move suggests North Korea is seeking to boost the attraction of foreign currency. The Kim Il Sung–Kim Jong Il Fund was created and used with the goal of maintaining the Kumsusan Palace of the Sun, where the bodies of Kim Il Sung and Kim Jong Il lie.
Until now, the Kim Il Sung–Kim Jong Il Fund was reportedly limited to securing pro-North Korea figures overseas as major sponsors and carrying out projects such as awarding donation certificates and honorary certificates to sponsors.
Im Eul-chul, a professor at the Institute for Far Eastern Studies at Kyungnam University, told Yonhap News, "The emergence of a commercial bank can be seen as indicating that economic activity is taking place inside North Korea and that there is investment demand."