Information AboutLao Kip |
| CATEGORIES ABOUT LAO KIP | |
| economy of laos | |
| currency signs | |
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The kip is the Currency of Laos . By ISO 4217 it is abbreviated as LAK. One kip is divided into 100 ''at''. The kip was introduced in 1952, replacing the French Indochinese Piastre at par. Kip were issued by the royal government in denominations banknotes of 1, 5, 10, 20, 50, 100 in 1955, 200 and 500 in 1960's and new 10, 1000 and 5000 kip in 1974–1975. 10, 20 and 50 ''at'' coins were also issued by the royal government. The Phat Lao Kip was issued sometime in the 1970's in denominations of 1, 5, 10, 20, 50, 100, 200 and 500 Kip. In 1976, the Phat Lao Kip replaced the royal Kip at 1 Phat Lao Kip = 20 royal Kip. In 1979 , a currency reform was made, replacing 100 old kip by one new kip. There are no coins currently in circulation in Laos. Kip banknotes come in demominations of 1, 5, 10, 20, 50, 100, 500, 1,000, 2,000, 5,000, 10,000, 20,000 and 50,000. The Exchange Rate as of December 2005 was 1 Euro = 12,475 LAK and 1 USD = 10,374 LAK. On the 17 January 2006, a 50,000 kip note was issued. It is similar to the 10 and 20 thousand kip notes. SEE ALSO |
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