SEOUL - The Democratic People's Republic of Korea (DPRK) executed a former senior official last week as punishment for the country's botched currency reform, a news report said Thursday.

In November, North Korea re-denominated its currency as part of efforts to lower inflation and reassert control over the country's nascent market economy. However, the measure reportedly worsened the country's food situation by forcing the closure of markets and sparked anger among many people left with piles of worthless bills.

Pak Nam-gi, the ruling Workers' Party finance and planning department chief who spearheaded the currency reform, was executed by a firing squad in Pyongyang last week, ROK's Yonhap news agency reported, citing unidentified sources.