The national currency of Laos is Kip with an ISO code of Lak. One kip is further sub divided into 100 att. Kip was announced to be the official currency of this region in 1952. Along with kip, Thai baht and US dollars are also accepted as a mode of transaction. Coins were minted with denominations of 1, 5, 10, 20 and 50 kip in aluminum structure until 1991. The mintage of these coins was stopped afterwards because of the Soviet collapse and higher rates of inflation in the country. Banknotes of Laos’s currency were printed with denominations of 1, 5, 10, 20, 50 and 100 kip in 1979. The family of these notes was joined by the 500 kip, 1000 kip, 2000, 5000, 10,000, 20,000 and 50,000 kip notes in 1988, 1992, 1997, 2002 and 2006 respectively. In 2010, 10,000 kip note was announced to be included in official currency of country to circulate in the country to memorize the 450th birthday of the capital Vientiane and 35th anniversary of Lao People’s Democratic Republic. This note got license to circulate in Laos February 1, 2012. This step is taken to eliminate the usage of Thai baht and US dollar in the country.

Laos Currency New Kip

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April 7, 2011 | Afifa Gillani | No Comments | 447 views