Lao Kip
ກີບ
Currency Code
LAK
ISO 418
Symbol
LAK
Native: ₭
Decimal Digits
2
Rounding: 0
Countries
LA
Using this currency
Currency Units
Major Unit
Name: kip
Symbol: ₭
Minor Unit
Name: att
Symbol:
Value: 0.01
Banknotes
Frequently Used
₭500₭1000₭2000₭5000₭10000₭20000₭50000₭100000
Coins
Rarely Used
10 att20 att50 att
Plural Forms
English Plural
Lao kips
Native Plural
ກີບ
Overview
The Lao Kip is the currency of Laos, managed by the Bank of the Lao PDR. It has experienced significant depreciation in recent years due to economic challenges and fiscal pressures in this landlocked Southeast Asian nation.
Economy
- Laos is a member of ASEAN, ASEAN+3, Mekong River Commission.
- Main industries include: Mining, Timber, Electric power, Agricultural processing, Rubber, Construction materials, Garments, Cement, Tourism.
- Laos is part of the World Trade Organization.
- Imports are machinery, equipment, vehicles, fuel, consumer goods.
- Major exports include wood products, coffee, electricity, tin, copper, gold, cassava.
- GDP: $19.1 billion (2023 est.).
- GDP per capita: $2,542 (2023 est.).
- Unemployment rate: 0.7% (2017 est.).
- Inflation rate: 23.0% (2023 est.).
- Main trading partners: Thailand, China, Vietnam, India, Japan, Germany.
- Trade agreements: ASEAN FTA, RCEP, Various bilateral agreements.
History
- Previous currencies used: French Indochinese piastre, Various local currencies.
- The kip was introduced in 1955, replacing the French Indochinese piastre. It has undergone several redenominations due to inflation and has been Laos' currency through various political changes.
- 1955: Kip introduced, replacing French Indochinese piastre
- 1975: Communist takeover, economic restructuring
- 1979: Kip redenomination (100:1)
- 1986: New Economic Mechanism reforms introduced
- 1997: Asian financial crisis impact
- 2021-2023: Significant depreciation and fiscal crisis
- Exchange rate peg: Managed float with heavy depreciation pressure.
General Information
- ISO 4217 Code: LAK
- Symbols: LAK/₭
- Currency Subunits: 100 att
- Central Bank: Bank of the Lao PDR
- Monetary Policy: Managed floating exchange rate facing significant depreciation pressures. Focus on controlling inflation amid fiscal challenges.
- Bills: 1 LAK, 5 LAK, 10 LAK, 20 LAK, 50 LAK, 100 LAK, 500 LAK, 1000 LAK, 2000 LAK, 5000 LAK, 10000 LAK, 20000 LAK, 50000 LAK, 100000 LAK
- Coins: 10 att, 20 att, 50 att, 1 kip, 5 kip, 10 kip, 20 kip, 50 kip
- USD Exchange Rate: Variable (approximately 21,000-22,000 LAK per USD)
- Pegged To: None (Floating)
- Capital: Vientiane
- Population: 7,529,475 (2023 est.)
- Area: 236,800 km²
- Languages: Lao (official), French, English, Various ethnic languages
- Time Zones: UTC+7 (Indochina Time)
- Government Type: Communist state
- Head of Government: President (head of state), Prime Minister (head of government)
- Independence: July 19, 1949 (from France)
- Ethnic Groups: Lao 53.2%, Khmou 11%, Hmong 9.2%, Other 26.6%
- Religions: Buddhist 64.7%, Christian 1.7%, None 31.4%, Other 2.1%
- Literacy Rate: 84.7% (2015 est.)
- Transport: Wattay International Airport, limited road network, Mekong River transport, China-Laos railway
- Communications: Basic telecommunications, 62% internet penetration, growing mobile coverage
- Energy: Hydroelectric 57%, Coal 28%, Oil 15%
- Countries Using This Currency: Laos
- Data Sources: Central Bank: Bank of the Lao PDR (bol.gov.la), Economic Data: Lao Statistics Bureau, World Bank, IMF, Trade Data: Ministry of Industry and Commerce, Demographic Data: Lao Statistics Bureau, Geographic Data: Department of Meteorology and Hydrology, Historical Data: Bank of the Lao PDR archives
- Last Updated: 2025