Lao kip

Last updated
Lao kip
ເງີນກີບລາວ (Lao)
1000 Laotian kip in 2003 Obverse.jpg 1000 Laotian kip in 2003 Reverse.jpg
1000 kip issued in 2003
ISO 4217
CodeLAK
Denominations
Subunit
1/100att
Symbol ₭ or ₭N
Banknotes
Freq. used500, 1000, 2000, 5000, 10,000, 20,000, 50,000, 100,000 kip
Rarely used1, 5, 10, 20, 50, 100 kip
Coins
Rarely used10, 20, 50 att
Demographics
User(s) Flag of Laos.svg 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 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).

Contents

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

History

French Indochina

The piastre was the currency of French Indochina between 1885 and 1952.

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).

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 former Pathet Lao “Liberation” kip was replaced by the new Lao kip at a rate of 100 to 1. [3]

Coins

Royal Kip (1955)

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.

Pathet Lao Kip (1976)

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, coins are rarely seen in circulation.

ObverseReverseValueObverseReverseCompositionDate of issue
10 Laotian att in 1980 Obverse.jpg 10 Laotian att in 1980 Reverse.jpg 10 attValue, farmer Emblem of Laos (1975-1991 version) Aluminum 1980
20 Laotian att in 1980 Obverse.jpg 20 Laotian att in 1980 Reverse.jpg 20 attValue, man ploughing with Ox Emblem of Laos (1975-1991 version) Aluminum 1980
50 Laotian att in 1980 Obverse.jpg 50 Laotian att in 1980 Reverse.jpg 50 attValue, fish Emblem of Laos (1975-1991 version) Aluminum 1980

Banknotes

100 kip, 1957 issue 100 Kip (Laos, 1957).jpg
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)

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
ImageValueDescriptionDate of issueSeries Designation
ObverseReverseObverseReverse
1 Laotian kip in 1979 Obverse.jpg 1 Laotian kip in 1979 Reverse.jpg ₭1Militia unit at left, arms at upper right.Schoolroom scene at left.1979P-25a
5 Laotian kip in 1979 Obverse.jpg 5 Laotian kip in 1979 Reverse.jpg ₭5ShoppingElephant Logging1979P-26a
10 Laotian kip in 1979 Obverse.jpg 10 Laotian kip in 1979 Reverse.jpg ₭10Dark brown on multicolor underprint. Lumber mill at left, arms at upper right.Medical scenes at left.1979P-27a
20 Laotian kip in 1979 Obverse.jpg 20 Laotian kip in 1979 Reverse.jpg ₭20Arms at left, tank with troop column at center.Brown and maroon. Textile mill at center.1979P-28a
50 Laotian kip in 1979 Obverse.jpg 50 Laotian kip in 1979 Reverse.jpg ₭50Rice PlantingHydroelectric Dam1979P-29a
100 Laotian kip in 1979 Obverse.jpg 100 Laotian kip in 1979 Reverse.jpg ₭100HarvestingBridge1979P-30a
500 Laotian kip in 1988 Obverse.jpg 500 Laotian kip in 1988 Reverse.jpg ₭500Modern IrrigationFruit Harvesting1988P-31a
1000 Laotian kip in 2003 Obverse.jpg 1000 Laotian kip in 2003 Reverse.jpg ₭1,000Laotian Ethnic Groups Women: Lao Lum, Lao Sung and Lao Theung.Cattle Herd2003P-39
2008
₭2,000 President Kaysone Phomevihane, Wat Xieng Thong in Luang Prabang, Laos Hydroelectric Complex in Xeset, Laos1997P-41
2000 Laotian kip in 2011 Obverse.jpg 2000 Laotian kip in 2011 Reverse.jpg 2011
5000 Laotian kip in 2003 Obverse.jpg 5000 Laotian kip in 2003 Reverse.jpg ₭5,000 President Kaysone Phomevihane; Pha That Luang Cement Factory in Vang Vieng 2003P-34b
10000 Laotian kip in 2002 Obverse.jpg 10000 Laotian kip in 2002 Reverse.jpg ₭10,000 President Kaysone Phomevihane; Pha That Luang Mekong River Bridge 2003P-35b
20000 Laotian kip in 2003 Obverse.jpg 20000 Laotian kip in 2003 Reverse.jpg ₭20,000 President Kaysone Phomevihane; Haw Pra Keaw (Ho Phra Keo) Theun-Hinboun Hydroelectric Powerhouse2003P-36B
50000 Laotian kip in 2004 Obverse.jpg 50000 Laotian kip in 2004 Reverse.jpg ₭50,000 President Kaysone Phomevihane; Pha That Luang Presidential Palace 2004P-37
100000 Laotian kip in 2011 Obverse.jpg 100000 Laotian kip in 2011 Reverse.jpg ₭100,000 President Kaysone Phomevihane, Pha That Luang in Vientiane, LaosPresident Kaysone Phomevihane Statue and Museum , Vientiane, Laos2011P-42
Commemorative Banknotes
ImageValueDescriptionDate of issueSeries Designation
ObverseReverseObverseReverse
100000 Laotian kip in 2010 450th Aniversary of Founding of Vientiane & 35th Anniversary of PDR of Laos Obverse.jpg 100000 Laotian kip in 2010 450th Aniversary of Founding of Vientiane & 35th Anniversary of PDR of Laos Reverse.jpg ₭100,000 King Sethathirath statue, Pha That Luang in Vientiane, Dok Champa Flower and Naga Dragon. Ho Phra Keo Temple in Vientiane2010P-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
DateUS Dollar
exchange rate
1 September 19971,021
1 September 19983,408
1 September 19997,680
1 September 20007,527
3 September 20017,600
2 September 20027,562
1 September 20037,562
1 December 20047,842
1 September 200510,380
1 September 200610,033
3 September 20079,580
1 September 20088,500
1 September 20098,477
1 September 20108,100
1 September 20118,000
3 September 20127,968
2 September 20137,838
1 September 20148,034
1 September 20158,135
1 September 20168,088
30 July 20178,300
30 July 20188,402
4 January 20198,550.97

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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. ISBN   9780877798095 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