View source for Lao kip

{{Short description|Currency of Laos}}
{{Infobox currency
| name = Lao kip
| local_name1 = ເງີນກີບລາວ
| local_name_lang1 = lo
| iso_code = LAK
| iso_comment = before 1980: {{ISO 4217|LAJ}}
| image_1 = [[File:1000 Laotian kip in 2003 Obverse.jpg|300 px]] [[File:1000 Laotian kip in 2003 Reverse.jpg|300 px]]
| image_title_1 = 1000 kip issued in 2003
| using_countries = {{flagicon|LAO}} [[Laos|Lao People's Democratic Republic]]
| inflation_rate = 25.69%
| inflation_source_date = ''[http://www.bol.gov.la/together_use/Annual%20report%202009.pdf Bank of the Lao P.D.R]'', September 2023.
| subunit_ratio_1 = {{frac|1|100}}
| subunit_name_1 = att
| symbol = ₭ or ₭N
| rarely_used_coins = 10, 20, 50 att
| frequently_used_banknotes = 1000, 2000, 5000, 10,000, 20,000, 50,000, 100,000 kip
| rarely_used_banknotes = 1, 5, 10, 20, 50, 100, 500 kip
| issuing_authority = [[Bank of the Lao P.D.R.]]
| issuing_authority_website = {{URL|https://www.bol.gov.la}}
}}
{{Contains special characters|Lao}}
{{Infobox currency sign|mark=₭
|unicode={{unichar|20AD|Kip sign|html=}}
|currency = Lao kip
}}

The '''kip''' ({{langx|lo|ກີບ|kib}}; [[ISO 4217|code]]: '''LAK'''; [[currency sign|sign]]: '''₭''' or '''₭N'''; {{langx|fr|kip}}; officially: ເງີນກີບລາວ, lit. "currency Lao kip") is the [[currency]] of [[Laos]] since 1955. Historically, one kip was divided into 100 ''att'' ({{lang|lo|ອັດ}}) which are no longer in regular use. The term derives from ກີບ ''kì:p'', a [[Lao language|Lao]] word meaning "[[ingot]]."<ref>{{Cite web|url=https://www.merriam-webster.com/dictionary/kip|title=Definition of KIP|website=www.merriam-webster.com}}</ref><ref>{{Cite book|url=https://books.google.com/books?id=TAnheeIPcAEC&q=kip+ingot+lao&pg=PA688|title=Merriam-Webster's Collegiate Dictionary: Eleventh Edition|first1=Merriam-Webster|last1=Inc|first2=Merriam-webster|last2=Staff|date=June 19, 2004|publisher=Merriam-Webster|isbn=9780877798095|via=Google Books}}</ref>

== History ==
===French Indochina===
{{Main|French Indochinese piastre}}
The [[French Indochinese piastre|piastre]] was the currency of [[French Indochina]] between 1885 and 1952.<ref>{{cite book |author=Howard A. Daniel, III |title=The Catalog and Guidebook of Southeast Asian Coins and Currency. Volume I: France |date=2018 |page=31|publisher=H.A. Daniel |isbn=9781879951044 }}</ref>

===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 10 kip before the French authorities took control of the region.{{citation needed|date=April 2024}}

===Royal Kip (1955)===
The kip was reintroduced in 1955, replacing the [[French Indochinese piastre]] at par. The kip (also called a ''piastre'' in [[French language|French]]) was sub-divided into 100 att ([[Lao language|Lao]]: ອັດ) or ''[[cent (currency)|cents]]'' (French: [[Centime]]s). It was pegged to the [[French franc]] at a rate of 10 francs per kip.

On 10 October 1958, the kip's peg switched to the [[United States dollar|US dollar]], and was officially devalued from ₭35 to ₭80 per US dollar:<ref name="obr-1972">{{cite journal|last1=Murray|first1=Carol|title=Basic Data on the Economy of Laos|journal=Overseas Business Reports|date=1972|volume=72|issue=35|pages=7–8|publisher=U.S. Department of Commerce|location=Washington D.C.|issn=0082-9846 |oclc=1792851}}</ref> however, the official exchange rate did not reflect market conditions at the time, with the parallel rate reaching ₭600 per dollar by the end of 1963. Laos devalued the kip again on 1 January 1964, and adopted an official rate of ₭240 per dollar and a "free market" rate of about ₭505 per dollar: the free market rate then fell to ₭600 per dollar on 8 November 1971, with the official rate being abolished on 4 April 1972.<ref name="obr-1972"/>

=== Pathet Lao Kip (1976) <span class="anchor" id="LAJ"></span>===
The [[Pathet Lao]] introduced the "liberation kip" on 12 October 1968, for circulation in the areas that the group controlled.  Banknotes for the liberation kip, which were printed in [[China]], consisted of ₭1, ₭10, ₭20, ₭50, ₭100, ₭200 and ₭500.<ref name="bnb-20190524">{{cite book|editor1-last=Linzmayer|editor1-first=Owen|title=The Banknote Book|date=24 May 2019|publisher=Owen Linzmayer|pages=10–12|chapter=Laos}}</ref>

According to the Pathet Lao's media outlet ''Siang Pasason'', one liberation kip was worth 6 royal kip on 20 August 1975, three days before the Pathet Lao entered [[Vientiane]].<ref name="pasason-19750820">{{cite journal|author1=Siang Pasason|title=Economic progress made since liberation|journal=Translations on South and East Asia|date=20 August 1975|volume=604|pages=44–45|ref=JPRS 66409|publisher=Joint Publications Research Service|location=Arlington|oclc=875577232}}</ref> Based on historic exchange rates provided by the [[International Monetary Fund]], one US dollar in 1975 was worth 725 royal kip or 120.83 liberation kip.<ref name="imf-rate">{{cite web|author1=International Monetary Fund|title=Official exchange rate (LCU per US$, period average)|url=https://api.worldbank.org/v2/en/indicator/PA.NUS.FCRF?downloadformat=excel|website=The World Bank Data|publisher=The World Bank|access-date=16 December 2022|archive-url=https://web.archive.org/web/20221216175201/https://api.worldbank.org/v2/en/indicator/PA.NUS.FCRF?downloadformat=excel|archive-date=16 December 2022|location=Washington, D.C.|format=XLS|date=2021}}</ref>

In 1976, the new communist Laotian government replaced the royal kip with the liberation kip. The exchange rate was 20 royal kip per liberation kip.<ref name="bnb-20190524"/> A currency confiscation was carried out, where individuals could exchange up to 100,000 royal kip for liberation kip, and businesses up to one million royal kip; they had to deposit the rest in state-owned banks.

=== {{anchor|LAK}}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.<ref>{{cite book|last1=Linzmayer|first1=Owen|url=http://www.banknotebook.com|title=The Banknote Book|publisher=www.BanknoteNews.com|year=2012|location=San Francisco, CA|chapter=Laos}}</ref>

== 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 [[Cash (Chinese coin)|Chinese cash coin]]s. 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 [[Dissolution of the Soviet Union|Soviet collapse]] in 1991 and the persistence of [[chronic inflation]], coins are rarely seen in circulation.
{| class="wikitable"
!Obverse
!Reverse
!Value
!Obverse
!Reverse
!Composition
!Date of issue
|-
|[[File:10_Laotian_att_in_1980_Obverse.jpg|50x50px]]
|[[File:10_Laotian_att_in_1980_Reverse.jpg|50x50px]]
|10 att
|Value, farmer
|[[Emblem of Laos]] (1975-1991 version)
|[[Aluminum]]
|1980
|-
|[[File:20_Laotian_att_in_1980_Obverse.jpg|50x50px]]
|[[File:20_Laotian_att_in_1980_Reverse.jpg|51x51px]]
|20 att
|Value, farmer ploughing with ox
|[[Emblem of Laos]] (1975-1991 version)
|[[Aluminum]]
|1980
|-
|[[File:50_Laotian_att_in_1980_Obverse.jpg|50x50px]]
|[[File:50_Laotian_att_in_1980_Reverse.jpg|50x50px]]
|50 att
|Value, fish
|[[Emblem of Laos]] (1975-1991 version)
|[[Aluminum]]
|1980
|}

== Banknotes ==
[[File:100 Kip (Laos, 1957).jpg|thumb|250px|100 kip, 1957 issue]]
In 1953, the Laos branch of the ''Institut d'Emission des États du Cambodge, du Laos et du Vietnam'' issued notes dual denominated in [[French Indochinese piastre|piastre]] and kip. At the same time, the two other branches had similar arrangements with the [[Cambodian riel|riel]] in [[Cambodia]] and the [[Vietnamese đồng|đồng]] in [[South Vietnam]]. There were notes for 1, 5, 10 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 [[De La Rue]]. 1 and 5 kip notes printed by [[Bradbury & Wilkinson]], as well as 10 kip notes by De La Rue were introduced in 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. 10 kip notes by Bradbury & Wilkinson and 1000 kip notes by De La Rue were printed but not circulated.

=== Pathet Lao Kip (1976) ===
Banknotes issued in 1975 or before in Pathet Lao controlled areas, and were in denominations of 1, 10, 20, 50, 100, 200 and 500 kip.<ref>{{Cite web |title=Laos |url=https://www.banknote.ws/COLLECTION/countries/ASI/LAO/LAO.htm |url-status=live |archive-url=https://web.archive.org/web/20221207095531/https://www.banknote.ws/COLLECTION/countries/ASI/LAO/LAO.htm |archive-date=2022-12-07 |access-date=2022-10-07 |website=Bank Note Museum}}</ref>

===Lao PDR Kip (1979)===
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.<ref>{{cite web|url=http://banknotenews.com/files/tag-laos.php|title=Laos - Banknote News|website=banknotenews.com|access-date=9 April 2018}}</ref><ref>[http://banknotenews.com/files/ad20ba6af5af0ac0d06f2b58a5a2398f-1332.php Laos new 100,000-kip commemorative confirmed] BanknoteNews.com. Retrieved 2012-01-31</ref><ref>{{Cite web |url=http://www.bol.gov.la/together_use/kip%26coin.pdf |title=Archived copy |access-date=2020-02-23 |archive-url=https://web.archive.org/web/20160303180539/http://www.bol.gov.la/together_use/kip%26coin.pdf |archive-date=2016-03-03 |url-status=dead }}</ref> [[Kaysone Phomvihane]] (1920–1992) 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 [[United States dollar|U.S. dollars]] and [[Thai baht]].<ref>{{cite web|url=http://www.nationmultimedia.com/breakingnews/Lao-central-bank-to-issue-new-100000-kip-notes-30174542.html|title=Lao central bank to issue new 100,000-kip notes - The Nation|website=nationmultimedia.com|access-date=9 April 2018}}</ref><ref>{{Cite web |url=http://www.bol.gov.la/laoweb/Money100.pdf |title=Archived copy |access-date=2012-01-27 |archive-url=https://web.archive.org/web/20150501221903/http://www.bol.gov.la/laoweb/Money100.pdf |archive-date=2015-05-01 |url-status=dead }}</ref><ref>[http://banknotenews.com/files/5aa391c2817b9991d263574b4ab02524-1952.php Laos new 100,000 kip note confirmed] BanknoteNews.com. Retrieved 2012-02-03.</ref>
As of 2019, the ₭500 note is the smallest one commonly in circulation.

{|class="wikitable" style="font-size: 100%"
! colspan="9" |Current Series
|-
! colspan="2"| Image 
!rowspan="2"| Value 
!colspan="2"| Description 
!rowspan="2"| Date of issue 
|-
! Obverse !! Reverse !! Obverse !! Reverse
|-
|[[File:1 Laotian kip in 1979 Obverse.jpg| 200 px]]
|[[File:1 Laotian kip in 1979 Reverse.jpg| 200 px]]
|₭1
|Militia unit at left, arms at upper right.
|Classroom at left.
|1979
|-
|[[File:5 Laotian kip in 1979 Obverse.jpg| 200 px]]
|[[File:5 Laotian kip in 1979 Reverse.jpg| 200 px]]
|₭5
|Shopping
|Elephant-logging
|1979
|-
|[[File:10 Laotian kip in 1979 Obverse.jpg| 200 px]]
|[[File:10 Laotian kip in 1979 Reverse.jpg| 200 px]]
|₭10
|Lumber mill at left, arms at upper right.
|Hospital at left. 
|1979
|-
|[[File:20 Laotian kip in 1979 Obverse.jpg| 200 px]]
|[[File:20 Laotian kip in 1979 Reverse.jpg| 200 px]]
|₭20
|Arms at left, tank with troop column at center.
|Textile mill at center.
|1979
|-
|[[File:50 Laotian kip in 1979 Obverse.jpg| 200 px]]
|[[File:50 Laotian kip in 1979 Reverse.jpg| 200 px]]
|₭50
|Rice-planting
|Hydroelectric dam
|1979
|-
|[[File:100 Laotian kip in 1979 Obverse.jpg| 200 px]]
|[[File:100 Laotian kip in 1979 Reverse.jpg| 200 px]]
|₭100
|Harvesting
|Bridge 
|1979
|-
|[[File:500 Laotian kip in 1988 Obverse.jpg| 200 px]]
|[[File:500 Laotian kip in 1988 Reverse.jpg| 200 px]]
|₭500
|Irrigation
|Coffee bean harvesting
|1988
|-
|
|
|₭500
|Irrigation
|Coffee bean harvesting
|2015
|-
|
|
|₭1,000
|Women from the three major ethnic groups of Laos: [[Lao Lum]], [[Lao Sung]] and [[Lao Theung]], with [[That Luang|Pha That Luang]] in the background.
|Cattle herd
|1992-1996
|-
|[[File:1000 Laotian kip in 2003 Obverse.jpg| 200 px]]
|[[File:1000 Laotian kip in 2003 Reverse.jpg| 200 px]]
|₭1,000
|Women from the three major ethnic groups of Laos: [[Lao Lum]], [[Lao Sung]] and [[Lao Theung]], with [[That Luang|Pha That Luang]] in the background.
|Cattle herd
|1998-2020
|-
|
|
|₭1,000
|Women from the three major ethnic groups of Laos: [[Lao Lum]], [[Lao Sung]] and [[Lao Theung]], with [[That Luang|Pha That Luang]] in the background.
|Cattle herd
|2008
|-
|
|
|₭2,000
|President [[Kaysone Phomvihane]] (1920–1992), [[Wat Xieng Thong]] in [[Luang Prabang]]
|Hydroelectric complex in Xeset
|1997-2003
|-
|[[File:2000 Laotian kip in 2011 Obverse.jpg| 200 px]]
|[[File:2000 Laotian kip in 2011 Reverse.jpg| 200 px]]
|₭2,000
|President [[Kaysone Phomvihane]] (1920–1992), [[Wat Xieng Thong]] in [[Luang Prabang]]
|Hydroelectric complex in Xeset
|2011
|-
|[[File:5000 Laotian kip in 2003 Obverse.jpg| 200 px]]
|[[File:5000 Laotian kip in 2003 Reverse.jpg| 200 px]]
|₭5,000
|President [[Kaysone Phomvihane]]; [[That Luang|Pha That Luang]]
|Cement factory in [[Vang Vieng]]
|1997-2003
|-
|
|
|₭5,000
|President [[Kaysone Phomvihane]]; [[That Luang|Pha That Luang]]
|Cement factory in [[Vang Vieng]]
|2020
|-
|[[File:10000 Laotian kip in 2002 Obverse.jpg| 200 px]]
|[[File:10000 Laotian kip in 2002 Reverse.jpg| 200 px]]
|₭10,000
|President [[Kaysone Phomvihane]]; [[That Luang|Pha That Luang]]
|[[Lao-Nippon bridge]]
|2002-2003
|-
|
|
|₭10,000
|President [[Kaysone Phomvihane]]; [[That Luang|Pha That Luang]]
|Lao-Nippon bridge
|2020
|-
|[[File:20000 Laotian kip in 2003 Obverse.jpg| 200 px]]
|[[File:20000 Laotian kip in 2003 Reverse.jpg| 200 px]]
|₭20,000
|President [[Kaysone Phomvihane]]; [[Haw Phra Kaew]] Temple
|Theun Hinboun hydroelectric power plant
|2002-2003
|-
|
|
|₭20,000
|President [[Kaysone Phomvihane]]; [[Haw Phra Kaew]] Temple
|Theun Hinboun hydroelectric power plant
|2020
|-
|[[File:50000 Laotian kip in 2004 Obverse.jpg| 200 px]]
|[[File:50000 Laotian kip in 2004 Reverse.jpg| 200 px]]
|₭50,000
|President [[Kaysone Phomvihane]]; [[That Luang|Pha That Luang]]
|[[Presidential Palace (Laos)|Presidential Palace]]
|2004
|-
|
|
|₭50,000
|President [[Kaysone Phomvihane]]; [[That Luang|Pha That Luang]]
|[[Presidential Palace (Laos)|Presidential Palace]]
|2020
|-
| [[File:100000 Laotian kip in 2011 Obverse.jpg| 200 px]]
| [[File:100000 Laotian kip in 2011 Reverse.jpg| 200 px]]
| ₭100,000
| President [[Kaysone Phomvihane]]; [[That Luang|Pha That Luang]]
| President Kaysone Phomevihane Statue and Museum [http://www.tourismlaos.org/show_province.php?Cont_ID=775] in Vientiane
| 2011
|-
| [[File:100.000 Laotian kip in 2020 Obverse.jpg| 200 px]]
| [[File:100.000 Laotian kip in 2020 Reverse.jpg| 200 px]]
| ₭100,000
| President [[Kaysone Phomvihane]]; [[That Luang|Pha That Luang]]
| [[Viengxay caves]] in [[Houaphanh Province]]
| 2020
|}
{|class="wikitable" style="font-size: 100%"
!colspan="10"|Commemorative Banknotes
|-
! colspan="2"| Image 
!rowspan="2"| Value 
!colspan="2"| Description 
!rowspan="2"| Date of issue 
!rowspan="2"|  Series Designation
|-
! Obverse !! Reverse !! Obverse !! Reverse
|-
|[[File:100000 Laotian kip in 2010 450th Aniversary of Founding of Vientiane & 35th Anniversary of PDR of Laos Obverse.jpg| 200 px]]
|[[File:100000 Laotian kip in 2010 450th Aniversary of Founding of Vientiane & 35th Anniversary of PDR of Laos Reverse.jpg| 200 px]]
|₭100,000
|Statue of King [[Setthathirath]], [[That Luang|Pha That Luang]], Dok Champa flower and [[Nāga]].
|[[Haw Phra Kaew]] Temple
|2010
|P-40
|}

== Lao kip exchange rate ==
{{Exchange rate|LAK|THB|VND}}
{{Div flex row| align-items=center}}
{| class="wikitable"
!Date
!US Dollar<br>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
|-
|1 September 2020
|8,906.86
|-
|1 September 2021
|9,354.13
|-
|1 September 2022
|15,186.4
|-
|12 May 2022
|15,505.80
|-
!20 February 2024
|20,800
|}

{{Graph:Chart
| width = 500
| height = 300
| xAxisTitle = Date
| xType = date
| x = 1997-09-01, 1998-09-01, 1999-09-01, 2000-09-01, 2001-09-03, 2002-09-02, 2003-09-01, 2004-12-01, 2005-09-01, 2006-09-01, 2007-09-03, 2008-09-01, 2009-09-01, 2010-09-01, 2011-09-01, 2012-09-03, 2013-09-02, 2014-09-01, 2015-09-01, 2016-09-01, 2017-07-30, 2018-07-30, 2019-01-04, 2020-09-01, 2021-09-01, 2022-09-01, 2024-02-20
| yAxisTitle = US Dollar exchange rate
| yAxisMin = 0
| y=1021, 3408, 7680, 7527, 7600, 7562, 7562, 7842, 10380, 10033, 9580, 8500 , 8477, 8100, 8000, 7968, 7838, 8034, 8135, 8088, 8300, 8402, 8550, 8906, 9354, 15186, 20800
| showSymbols = |yGrid= 
}}
{{Div flex row end}}

==See also==
* [[Institut d'Émission des États du Cambodge, du Laos et du Viet-nam]]

==References==
<references/>

{{n-start|title=Royal kip}}
{{n-before|location=[[French Indochina]]|currency=[[French Indochinese piastre]]|reason=independence|ratio=at par|note=piastre not used in self-declared North Vietnam since 1946}}
{{n-currency|location=[[Laos]]|start=1955|end=1976|note=transitional notes dual denominated in piastre and kip were used until 1957}}
{{n-after|currency=Pathet Lao kip|reason=inflation and new communist rule|ratio=1 Pathet Lao kip = 20 royal kip}}
{{end}}

{{n-start|title=Pathet Lao kip}}
{{n-before|currency=Royal kip|reason=inflation and new communist rule|ratio=1 Pathet Lao kip = 20 royal kip}}
{{n-currency|location=[[Laos]]|start=1976|end=1979}}
{{n-after|currency=Lao PDR kip|reason=inflation|ratio=1 Lao PDR kip = 100 Pathet Lao kip}}
{{end}}

{{n-start|title=Lao PDR kip}}
{{n-before|currency=Pathet Lao kip|reason=inflation|ratio=1 Lao PDR kip = 100 Pathet Lao kip}}
{{n-currency|location=[[Laos]]|start=1979}}
{{n-after}}
{{end}}

{{Laos topics}}
{{Currency signs}}
{{Currencies of Asia}}
{{Portal bar|Asia|Laos|Money|Numismatics}}

[[Category:Economy of Laos]]
[[Category:Currency symbols]]
[[Category:Currencies of Laos]]
[[Category:Currencies introduced in 1952]]
[[Category:Currencies of Asia]]
[[Category:Circulating currencies]]