The kip is the national currency of Laos. The Kip’s ISO code is LAK and the currency abbreviation matches the symbol Symbol.
Today there are only notes in denominations of 100, 500, 1000, 2000, 5000, 10,000, 20,000, 50,000 and 100,000 Kip. Due to the low value of the currency, coins and bills of less than 100 kip are rarely found.
History of the currency of Laos
The kip was introduced in 1954 after the country gained independence in Laos and has been the national currency there ever since. The kip was and is a rather weak currency with a low value and communist Laos still suffers from economic instability and high inflation to this day.
In 1979 a currency reform took place in which the old kip was exchanged for a new kip at a ratio of 100: 1. Together with political and economic reforms that brought closer to a free market economy, a slight improvement in the situation could be brought about. Among other things, the exchange rate of the kip was adjusted to its market value and a banking system based on the western model was introduced.
In 2010, 100,000 Kip banknotes were introduced for the first time to mark the 450th anniversary of the capital.
Today the rate of the kip is largely dependent on the value of the Thai Bath, as almost all Laotian foreign trade takes place with Thailand. The US dollar and Bath are also recognized and widespread means of payment in Laos today. The euro is also accepted in some places.
The value of the kip can be easily determined with the help of a currency calculator. With this you can display the current exchange rate from euro to kip, as well as convert certain euro amounts into kip.
Exchange into the currency of Laos
It should be noted that exchanges from Euros to Kip are only allowed in Laos itself. Exporting banknotes or exchanging them abroad is prohibited. Compliance with this rule is strongly recommended to avoid problems with local authorities.
It is also advisable to always have a few smaller dollar or euro banknotes with you in Laos to avoid difficulties with change.