China Central Television (CCTV) says North Korea will ban the use of foreign currency starting Friday.

The state-controlled network quoted the North’s Ministry of People’s Security as saying in a statement that starting January first, North Korean citizens as well as foreigners will be forbidden from using dollars, euros or any other foreign currencies in shops, restaurants or other retail outlets.

The statement said people must exchange foreign currency for North Korean won if they wish to make purchases in any of these places.

The report comes after Pyongyang decided on November 30th to lop off two zeroes from the existing paper currency, the won. The North has yet to set the exchange rate at which the new won can be bought.