Lao kip
ກີບ (Lao) |
 |
| 1000 kip issued in 1996 |
|
| ISO 4217 Code |
LAK |
| User(s) |
 Laos |
| Inflation |
6.8% |
| Source |
The World Factbook, 2006 est. |
| Subunit |
|
| 1/100 |
att |
| Symbol |
₭ or ₭N |
| Coins |
|
| Rarely used |
10, 20, 50 att |
| Banknotes |
|
| Freq. used |
1000, 2000, 5000, 10 000, 20 000, 50 000kip |
| Rarely used |
1, 5, 10, 20, 50, 100, 500 kip |
| Central bank |
Bank of the Lao P.D.R. |
| Website |
www.bol.gov.la |
The kip (Lao: ກີບ) is the currency of Laos since 1952. Its ISO 4217 code is LAK and it is usually written ₭ or ₭N. One kip is divided into 100 att (ອັດ).
Free Lao Kip
In 1945-1946, the Free Kip government in Vientiane issued a series of paper money in denominations of 10, 20 and 50 att and 10 kip before the French authorities took control of the region.citation needed
Royal kip
The kip was reintroduced in 1952, replacing the French Indochinese piastre at par. The kip (also called a piastre in French) was sub-divided into 100 att (Lao) or cents (French).
Coins
Coins were issued in denominations of 10, 20 and 50 att or cents with French and Lao inscriptions. All were struck in aluminium and had a hole in the centre, like the Chinese cash coins. The only year of issue was 1952.
Banknotes
Savang Vatthana on the front of a unreleased banknote (1974).
In 1953, the Laos branch of the Institut d'Emission des Etats du Cambodge, du Laos et du Vietnam issued notes dual denominated in piastre and kip. At the same time, the two other branches had similar arrangement with the riel in Cambodia and the đồng in South Vietnam. There were notes for 1, 5, 100 and 100 kip/piastres.
In 1957, the government issued notes denominated solely in kip. The notes were for 1, 5, 10, 20, 50, 100 and 500 kip. In 1963, 200 and 1000 kip notes were added, followed by 5000 kip notes in 1975. All banknotes were printed in France.
Pathet Lao kip
The Pathet Lao kip was introduced some time before 1976 in the areas which were under the control of the Pathet Lao. Banknote denominations of 10, 20, 50, 100, 200 and 500 kip were issued. The notes were printed in China.
In 1976, the Pathet Lao kip replaced the Royal kip throughout Laos following the Pathet Lao's take over of the country. The exchange rate between the two kip was 1 Pathet Lao kip = 20 royal kip.
Lao PDR kip
In 1979, a currency reform took place, replacing 100 old (Pathet Lao) kip by one new kip.
Coins
Coins were issued dated 1980 in denominations of 10, 20 and 50 att. However, due to chronic inflation there are no coins currently in circulation in Laos.
Banknotes
In 1979, banknotes were introduced in denominations of 1, 5, 10, 20, 50 and 100 kip. 500 kip notes were added in 1988, followed by 1000 kip in 1992, 2000 and 5000 kip in 1997, 10,000 and 20,000 kip in 2002 and 50,000 kip on January 17, 2006 (although dated 2004).
Current LAK exchange rates
See also
External links
Royal kip
Preceded by:
French Indochinese piastre
Location: French Indochina
Reason: independence
Ratio: at par
Note: piastre not used in self-declared North Vietnam since 1946 |
Currency of Laos
1952 – 1976
Note: transitional notes dual denominated in piastre and kip were used until 1957 |
Succeeded by:
Pathet Lao kip
Reason: inflation and new communist rule
Ratio: 1 Pathet Lao kip = 20 royal kip |
Pathet Lao kip
Preceded by:
Royal kip
Reason: inflation and new communist rule
Ratio: 1 Pathet Lao kip = 20 royal kip |
Currency of Laos
1976 – 1979 |
Succeeded by:
Lao PDR kip
Reason: inflation
Ratio: 1 Lao PDR kip = 100 Pathet Lao kip |
Lao PDR kip
Preceded by:
Pathet Lao kip
Reason: inflation
Ratio: 1 Lao PDR kip = 100 Pathet Lao kip |
Currency of Laos
1979 – |
Succeeded by:
Current |
|
