North Korea executed a former top finance official last week over the country's failed currency reform, South Korea's Yonhap news agency said on Thursday, citing sources.

In November 2009, North Korea redenominated its national currency, the won, in a bid to curb inflation and fight black-market currency trading, but fell well short of its target, prompting food shortages and provoking public outrage.

Pak Nam Gi, the ruling Workers' Party former finance and planning department chief, was reportedly executed by a firing squad in Pyongyang last week.

Pak, who spearheaded the reform, was accused of wrecking the country's economy and harming leader Kim Jong-Il's plans to transfer power to his son.

In the 1990s, a top North Korean agricultural official was executed after a nationwide famine.

MOSCOW, March 18 (RIA Novosti)