DPRK cabinet report on issuing people's life bonds

Korea News Service

Pyongyang, March 29 (KCNA) -- The cabinet of the Democratic People's Republic of Korea announced an official report on issuing people's life bonds on March 27. The report said: under an ordinance on issuing people's life bonds adopted at the sixth session of the tenth Supreme People's Assembly, the DPRK cabinet has decided to issue and sell bonds and redeem them by lottery, on the basis of our people's noble patriotism and their awareness as citizens to build a powerful and prosperous socialist nation in this land by themselves without fail.

According to it, the people's life bond of the DPRK is a form of state credit as its redemption is guaranteed by the state in a responsible manner. The issue of such bonds is intended only for the prosperous development of the country and the promotion of the people's wellbeing.

The bonds have three forms: 500-won bond, 1,000-won bond and 5,000-won bond. They will remain valid for ten years from may 1, Juche 92 (2003) to the end of April, Juche 102 (2013).

The bonds will be redeemed by payment of drawn prize money and principal sum.

Lottery on the bonds will be held once in every six months in the first two years from this year and then once in a year, on the principle of openness and objectivity.

The total principal sum of the bonds drawing a losing number will be redeemed on a phased basis by the annual state budget from December Juche 97 (2008) to the expiry of the term of validity.

Those buying many bonds will be duly rewarded politically and materially in recognition of their patriotic devotion to the building of a powerful nation.