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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.
[6] [7] [8] Kaysone Phomvihane is pictured on the obverse of the 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 kip banknotes. 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 ...
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 ...
In 1953, the Cambodia branch of the Institut d'Émission des États du Cambodge, du Laos et du Viet-nam issued notes dual denominated in piastre and riel with the riel being at par with the piastre. [5] At the same time, the two other branches of the Institut had similar arrangements with the đồng in South Vietnam and the kip in Laos.
List of all Asian currencies Present currency ISO 4217 code Country or dependency (administrating country) Currency sign Fractional unit Russian Ruble [1]: RUB Abkhazia ...
Laos traces its history to the kingdom of Lan Xang ('million elephants'), which was founded in the 13th century by a Lao prince, Fa Ngum, [30]: 223 whose father had his family exiled from the Khmer Empire. Fa Ngum, with 10,000 Khmer troops, conquered some Lao principalities in the Mekong river basin, culminating in the capture of Vientiane.
In 1953, the Vietnam branch of the Institut d'Émission des États du Cambodge, du Laos et du Viet-nam issued notes dual denominated in piastre and đồng. At the same time, the two other branches of the Bank made similar issues with the riel in Cambodia and the kip in Laos. The đồng circulated in those parts of Vietnam not under the ...
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. [2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.