N. Korea holds latest lottery for gov't bond repayment

SEOUL, Dec. 26 (Yonhap) -- The latest drawings for pay outs of North Korea's government bonds have taken place in Pyongyang, the country's state-run television broadcaster said Friday.

The (North) Korean Central TV, monitored in Seoul, reported that the latest
winners of the "People's Life Bonds" were announced this week.
From July-November 2003, the North Korean government sold 10-year bonds worth 500
(US$3.50), 1000, and 5000 North Korean won, saying it would repay lottery winners
by multiplying the original payment rather than paying interest.
It was the first bond that North Korea has issued.
According to reports then, the cash-short communist regime aggressively marketed
the bonds, praising buyers as "patriots" helping to funnel private money into the
buildup of the national economy.
First-place winners get 50 times the face value of the bond, with second-place
winners receiving 25 times, third with 10 times, fourth with five times, six with
triple and seventh with double.
Drawings were reported to be held once or twice a year.
The sixth round of drawings took place in January 2008, with thirteen 5000-won
bond holders declared winners, as well as eight 1000-won bond holders and 10
holders of 500-won bonds.
For this week's event, seven winners were drawn for each denomination, the TV
report said.
ygkim@yna.co.kr