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The kip (Lao: ກີບ, romanized: kib; code: LAK; sign: ₭ or ₭N; French: kip; officially: ເງີນກີບລາວ, lit. "currency Lao kip") is the currency of Laos since 1955. Historically, one kip was divided into 100 att (ອັດ) which are no longer in regular use.
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 U.S. dollars and Thai baht.
In 1952/53, the Lao kip (1952), Cambodian riel (1953), and South Vietnamese đồng (1953) were introduced at par with the piastre. Initially, the paper money bore denominations both in the local currency and the piastre, but coins were denominated in the national units since the beginning. These initially circulated alongside the old piastre ...
The economy of Laos is a lower-middle income developing economy.Being a socialist state (along with China, Cuba, Vietnam, and North Korea), the Lao economic model resembles the Chinese socialist market and/or Vietnamese socialist-oriented market economies by combining high degrees of state ownership with openness to foreign direct investment and private ownership in a predominantly market ...
The riel (/ r i ˈ ɛ l /; Khmer: រៀល, romanized: riĕl; sign: ៛; code: KHR) is the currency of Cambodia. There have been two distinct riel, the first issued between 1953 and May 1975. Between 1975 and 1980, the country had no monetary system. A second currency, also named "riel", has been issued since 20 March 1980.
Colour key and notes Indicates that a given currency is pegged to another currency (details) Italics indicates a state or territory with a low level of international recognition State or territory Currency Symbol [D] or Abbrev. ISO code Fractional unit Number to basic Abkhazia Abkhazian apsar [E] аҧ (none) (none) (none) Russian ruble ₽ RUB Kopeck 100 Afghanistan Afghan afghani ؋ AFN ...
During 1957, the United States spent more per capita on foreign aid for Laos than it had on any other nation. That worked out as US$150 per Laotian, twice the average person's annual income. Some of the money went to support pro-American candidates in an election, while other money went to a program to support the local currency, the kip. [4]
Lat money (Lao: ເງິນລາດ) refers to the bar-shaped coinage minted and used as currency in the kingdom of Lan Xang and its successor kingdoms of Vientiane, Luang Prabang, and Champasak. "Lat" is a Lao abbreviation for "talat" or "market," referring to the small denomination currency which may also be referred to as "boat money" or ...