Issuance of paper money by the Lao Issara government in the liberated areas, denominated 10 Kip and 50, 20, 10 At (possibly at par with Indochinese Piastre). Not known if the notes were exchanged after the re-establishment of the French rule.
Time Period: 1955-1976
Currency: 1st Laotian Kip
Transition
1 : 1 Indochinese Piastre
Sub-units
Kip / 100 At
ISO4217
none (informal: LAP)
Timeline
25.12.1954
Royal decrees [No. 415 & 416] on the establishment of the central bank and issuance of a national currency; effective 01.01.1955
01.01.1955
Start of currency exchange: - 05.05.1955: Start of issuance of the new banknotes and coins - 25.10.1955: Demonetization of the Indochinese currency.
07.10.1968
Establishment of the financial administration for the areas under control of the Pathet Lao movement during the civil war (the date was determined ex-post by a government resolution after the Pathet Lao victory in 1975)
Valuation Regimes
1955-1958
Fixed rate against French Franc, did not follow the devaluation of 27.12.1958
1958-1975
Fixed rate against US Dollar, official rate became inoperative on 31.03.1975
Rate Arrangements
01.01.1955
Fixed
French Franc (1803) at 10 : 1
±0.0%
24.07.1958
Fixed
US Dollar at 1 : 35
±0.0%
10.10.1958
Fixed
US Dollar at 1 : 80
-56.3%
01.01.1964
Fixed
US Dollar at 1 : 240
-66.7%
03.04.1972
Fixed
US Dollar at 1 : 600
-60.0%
31.03.1975
Fixed
US Dollar at 1 : 1'200 - Effective rate
-50.0%
Time Period: 1976-1979
Currency: 2nd Laotian ("Liberation") Kip
Transition
1 : 20
Sub-units
Kip / 100 At
ISO4217
none (informal: LAX)
Timeline
15.06.1976
Government resolution on the currency reform; effective immediately
16.06.1976
Start of currency exchange: - 16.06.1976: Start of the issuance of the new banknotes (some notes had already been produced around 1968 for use in the Pathet Lao controlled areas during the civil war, but were never issued) - Partial confiscation: Per person a maximum of 100'000 old Kip was exchanged, per business a maximum o 1'000'000 old Kip, excess cash had to be deposited in a blocked account and could be withdrawn at monthly installments of 5'000 new Kip - 30.06.1976: Demonetization of the former currency (?).
Valuation Regimes
1976-1979
Fixed rate against US Dollar, the official rate became inoperative after the end of the exchange period on 30.06.1976
Rate Arrangements
16.06.1976
Fixed
US Dollar at 1 : 60 - Official rate
±0.0%
30.06.1976
Fixed
US Dollar at 1 : 200 - Effective rate
-70.0%
01.05.1978
Fixed
US Dollar at 1 : 400 - Effective rate
-50.0%
Time Period: 1979-
Currency: 3rd Laotian Kip
Transition
1 : 100
Sub-units
Kip / 100 At
ISO4217
LAK
Timeline
09.12.1979
Government resolution on the currency reform; effective immediately
10.12.1979
Start of currency exchange: - 10.12.1979: Start of issuance of the new banknotes and coins - ??.12.1979: Demonetization of the former currency.
Valuation Regimes
1979-1988
Fixed rate against US Dollar. The official rate was inoperative and reserved for government accounting purposes only. Transactions occurred at effective rate which were transformed into preferential rates by help of differentiated premiums.