Lao kip

The kip (Lao: ກີບ; code: LAK; sign: ₭ or ₭N; French: kip; officially: ເງີນກີບລາວ, lit. "currency Lao kip") is the currency of Laos since 1955. Historically, one kip was divided into 100 att (ອັດ).

Lao kip
ເງີນກີບລາວ (Lao)
1000 kip issued in 2003
ISO 4217
Code	LAK
Denominations
Subunit
1/100	att
Symbol	₭ or ₭N
Banknotes
Freq. used	500, 1000, 2000, 5000, 10,000, 20,000, 50,000, 100,000 kip
Rarely used	1, 5, 10, 20, 50, 100 kip
Coins
Rarely used	10, 20, 50 att
Demographics
User(s)	Lao People's Democratic Republic
Issuance
Central bank	Bank of the Lao P.D.R.
Website	www.bol.gov.la
Valuation
Inflation	3.06%
Source	Bank of the Lao P.D.R, September 2018.

The term derives from ກີບ kì:p, a Lao word meaning "ingot."[1][2]

History

Free Lao Kip (1946)

In 1945–1946, the Free Lao government in Vientiane issued a series of paper money in denominations of 10, 20 and 50 att and 100 kip before the French authorities took control of the region.

Royal Kip (1955)

The kip was reintroduced in 1955, replacing the French Indochinese piastre at par. The kip (also called a piastre in French) was sub-divided into 100 att (Lao: ອັດ) or cents (French: Centimes).

Coins

Coins were issued in denominations of 10, 20 and 50 att or cents with French and Lao inscriptions. All were struck in aluminum and had a hole in the centre, like the Chinese cash coins. The only year of issue was 1952.

Banknotes

100 kip, 1957 issue

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 the 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 and 50 kip printed by the Security Banknote Company, 100 kip printed by the Banque de France and a commemorative 500 kip printed by Thomas De la Rue. 1 and 5 kip notes printed by Bradbury & Wilkinson, and a 10 kip by De la Rue were introduced by 1962.

In 1963, 20, 50, 200 and 1000 kip notes were added, all printed by De la Rue. These were followed by 100, 500 and 5000 kip notes in 1974–75, again by De La Rue. A 1975 10 kip by Bradbury & Wilkinson and a 1000 kip by De la Rue were printed but not circulated.

Pathet Lao Kip (1976)

The Pathet Lao kip was introduced sometime before 1976 in the areas which were under the control of the Pathet Lao. Banknote denominations of 1, 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 (1979)

On 16 December 1979, the old Pathet Lao “Liberation” kip was replaced by the new Lao kip at a rate of 100 to 1.[3]

Coins

Coins were again issued in Laos for the first time in 28 years in 1980 with denominations of 10, 20 and 50 att, with each being struck in aluminum and depicting the state emblem on the obverse and agricultural themes on the reverse. These were followed by commemorative 1, 5, 10, 20 and 50 kip coins issued in 1985 for the 10th anniversary of the establishment of the Lao People's Democratic Republic. However, due to the economic toll of the Soviet collapse in 1991 and the persistence of chronic inflation, there are no coins currently in circulation in Laos.

Obverse	Reverse	Value	Obverse	Reverse	Composition	Date of issue
		10 att	Value, farmer	Emblem of Laos (1975-1991 version)	Aluminum	1980
		20 att	Value, man ploughing with Ox	Emblem of Laos (1975-1991 version)	Aluminum	1980
		50 att	Value, fish	Emblem of Laos (1975-1991 version)	Aluminum	1980

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). On November 15, 2010 a 100,000 kip banknote was issued to commemorate the 450th anniversary of the founding of the capital, Vientiane, and the 35th anniversary of the establishment of the Lao People's Democratic Republic.[4][5][6] Kaysone Phomvihane is pictured on the obverse of the 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 kip banknotes.

The Bank of Laos governor announced on January 25, 2012 that the Bank of Laos would issue 100,000 Kip banknotes as a regular issue on February 1, 2012 (but dated 2011) to encourage Lao people to use the national currency instead of U.S. dollars and Thai baht.[7][8][9]

Current Series
Image		Value	Description		Date of issue	Series Designation
Obverse	Reverse		Obverse	Reverse
		₭1	Militia unit at left, arms at upper right.	Schoolroom scene at left.	1979	P-25a
		₭5	Shopping	Elephant Logging	1979	P-26a
		₭10	Dark brown on multicolor underprint. Lumber mill at left, arms at upper right.	Medical scenes at left.	1979	P-27a
		₭20	Arms at left, tank with troop column at center.	Brown and maroon. Textile mill at center.	1979	P-28a
		₭50	Rice Planting	Hydroelectric Dam	1979	P-29a
		₭100	Harvesting	Bridge	1979	P-30a
		₭500	Modern Irrigation	Fruit Harvesting	1988	P-31a
		₭1,000	Laotian Ethnic Groups Women: Lao Lum, Lao Sung and Lao Theung.	Cattle Herd	2003	P-39
					2008
		₭2,000	President Kaysone Phomevihane, Wat Xieng Thong in Luang Prabang, Laos	Hydroelectric Complex in Xeset, Laos	1997	P-41
					2011
		₭5,000	President Kaysone Phomevihane; Pha That Luang	Cement Factory in Vang Vieng	2003	P-34b
		₭10,000	President Kaysone Phomevihane; Pha That Luang	Mekong River Bridge	2003	P-35b
		₭20,000	President Kaysone Phomevihane; Haw Pra Keaw (Ho Phra Keo)	Theun-Hinboun Hydroelectric Powerhouse	2003	P-36B
		₭50,000	President Kaysone Phomevihane; Pha That Luang	Presidential Palace	2004	P-37
		₭100,000	President Kaysone Phomevihane, Pha That Luang in Vientiane, Laos	President Kaysone Phomevihane Statue and Museum , Vientiane, Laos	2011	P-42
		₭100,000	King Sethathirath statue, Pha That Luang in Vientiane, Dok Champa Flower and Naga Dragon.	Ho Phra Keo Temple in Vientiane	2010	P-40

Lao kip exchange rate

Current LAK exchange rates
From Google Finance:	AUD CAD CHF EUR GBP HKD JPY USD THB CNY
From Yahoo! Finance:	AUD CAD CHF EUR GBP HKD JPY USD THB CNY
From XE.com:	AUD CAD CHF EUR GBP HKD JPY USD THB CNY
From OANDA:	AUD CAD CHF EUR GBP HKD JPY USD THB CNY
From fxtop.com:	AUD CAD CHF EUR GBP HKD JPY USD THB CNY

Date	US Dollar exchange rate
1 September 1997	1,021
1 September 1998	3,408
1 September 1999	7,680
1 September 2000	7,527
3 September 2001	7,600
2 September 2002	7,562
1 September 2003	7,562
1 December 2004	7,842
1 September 2005	10,380
1 September 2006	10,033
3 September 2007	9,580
1 September 2008	8,500
1 September 2009	8,477
1 September 2010	8,100
1 September 2011	8,000
3 September 2012	7,968
2 September 2013	7,838
1 September 2014	8,034
1 September 2015	8,135
1 September 2016	8,088
30 July 2017	8,300
30 July 2018	8,402
4 January 2019	8,550.97

References

1. "Definition of KIP". www.merriam-webster.com.
2. Inc, Merriam-Webster; Staff, Merriam-webster (June 19, 2004). "Merriam-Webster's Collegiate Dictionary: Eleventh Edition". Merriam-Webster – via Google Books.
3. Linzmayer, Owen (2012). "Laos". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
4. "Laos - Banknote News". banknotenews.com. Retrieved 9 April 2018.
5. Laos new 100,000-kip commemorative confirmed BanknoteNews.com. Retrieved 2012-01-31
6. "Archived copy" (PDF). Archived from the original (PDF) on 2016-03-03. Retrieved 2020-02-23.CS1 maint: archived copy as title (link)
7. "Lao central bank to issue new 100,000-kip notes - The Nation". nationmultimedia.com. Retrieved 9 April 2018.
8. "Archived copy" (PDF). Archived from the original (PDF) on 2015-05-01. Retrieved 2012-01-27.CS1 maint: archived copy as title (link)
9. Laos new 100,000 kip note confirmed BanknoteNews.com. Retrieved 2012-02-03.

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 1955 – 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