Lao kip conversion

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Lao kip

Abbreviation/Symbol:

  • ເງີນກີບລາວ
  • ກີບ
  • New Kip

Worldwide use:

  • Lao People's Democratic Republic

Description:

The Lao Kip is the official currency of Laos. One Lao Kip is worth 100 Att. Due to hyperinflation, coins are very rare but the 10, 20 and 50 Att coins are sometimes found. Banknotes come in 500, 1000, 2000, 5000, 10000, 20000, 50000 and 100000 Lao Kip. 1, 5, 10, 20, 50 and 100 Kip banknotes also exist but again are very rare. Thai Baht and US Dollars are also used in Laos for the purchase of expensive products and services. The exchange rate of the Lao Kip is quite unstable at the time of writing and exchange of Lao Kip is not available outside of Laos itself.

It is estimated that a third of all cash in Vientiane, the capital city of Laos, is made up of Thai Baht and US Dollars.

Origin:

The Lao Kip was first introduced in 1945 when the Lao government issued 10, 20 and 50 Att as well as 10 Kip banknotes. However, in 1946, France reasserted control of the country and so the French Indochinese Piastre was used. Then, in 1952, when Laos was granted semi-autonomy, the Lao Kip was re-established and was known as the Royal Kip as Laos gained full independence as a constitutional monarchy. In the 1970’s the political movement Pathet Lao took control of certain regions within Laos and so the Pathet Lao Kip was introduced in these areas before finally becoming the official currency across the whole of the country. One Pathet Lao Kip was worth 20 Royal Kip. Then, in 1979, the new Lao Kip was established and replaced the old Pathet Lap Kip with one New Lao Kip worth 100 Pathey Lao Kip.

Component units:

  • att (100)

Date introduced:

  • 16 December 1979

Central bank:

  • Bank of the Lao P.D.R.

Printer:

    Mint: