North Korean banking officials have opened a complaint hotline to deal with growing public anger at financial services. The Central Bank ordered provincial branches to establish systems that let citizens report issues directly. This move comes after mounting evidence of distrust in banks. Moreover, financial data revealed that people increasingly prefer to keep cash at home rather than in accounts.
Authorities grew alarmed when bank statistics showed declines in card use and deposits. Citizens complained about delayed withdrawals and high commissions on electronic payments. As a result, savings dropped significantly during the first half of the year. Therefore, the state created phone lines and electronic channels for filing complaints.
The Central Bank instructed citizens to provide detailed information with each complaint. People must list the date, bank name, branch location, and clerk involved. Officials want to pinpoint specific problems such as poor service and delayed deposits. In addition, citizens should report unfair interest rates or commission fees.
The state essentially admitted to chronic issues in the financial system. Although banks encourage savings, they often block withdrawals by making excuses. Consequently, families keep their money at home instead of trusting financial institutions. This contradiction deepens frustration and fuels mistrust across the country.
Officials also worry about the impact on electronic payment expansion. The government views digital payments as a key strategy for managing the economy. However, public distrust threatens to derail this plan. Without confidence in banks, electronic payments cannot grow.
The hotline shows how deeply the crisis troubles policymakers. Leaders fear that continued mistrust could undermine the entire banking system. They also recognize that people must see improvements before adopting digital transactions. Therefore, the hotline represents both a stopgap measure and an attempt to rebuild confidence.
Economic experts argue that the problem extends beyond policy announcements. They insist that banks must guarantee access to savings without restrictions. Moreover, they stress the need for rational commissions and transparent practices. Without these reforms, North Korea banking cannot win public trust.
Analysts also note the government’s desire to absorb foreign currency. By promoting electronic payments, the state can better track funds and manage prices. Yet, such goals depend on public cooperation. In the end, only gradual improvements in trust can secure lasting change.
In conclusion, North Korean banking faces a severe crisis of confidence. The hotline highlights the scale of public anger and the urgency of reforms. Rebuilding trust remains essential for both financial stability and electronic payment growth.
