North Korea has reportedly conducted its first currency revaluation in 17 years in order to curb inflation.

North Koreans doing business in China say the Pyongyang government implemented the currency reform at 11 a.m. Monday and that exchange of currency began at 2 p.m.

The exchange rate makes the old denomination of one-thousand won worth ten won.

North Koreans were reportedly in a panic due to the sudden revaluation.

The currency reform, the last of which was in 1992, is believed to be aimed at curbing inflation and bring out underground money held by residents or circulated in the black market.