01/01/2021: Digitalization of the kip
The Bank of the Lao PDR introduced digital payment systems and promoted cashless transactions to modernize the use of the kip in the digital era.
22/04/2020: COVID-19 Impact
The COVID-19 pandemic caused disruptions in the Cambodian economy, leading to a decline in the value of the Riel.
14/10/2013: Kip exchange rate liberalized
Laos liberalized its exchange rate regime, allowing the kip's value to be determined by market forces, leading to fluctuations in its value.
04/01/2001: Riel Redenomination
The Cambodian government redenominated the Riel by removing four zeros, making it easier for transactions.
02/07/1997: Lao kip devalued
Amidst the Asian financial crisis, the Lao government devalued the kip by approximately 20% against the US dollar.
20/03/1995: Dollarization
Cambodia officially adopted a dual currency system, allowing the use of both Riel and the United States Dollar.
20/03/1994: Currency Stabilization
Cambodia implemented a new currency stabilization plan to control hyperinflation and stabilize the Riel.
02/05/1980: Revaluation of the kip
The Lao government initiated a revaluation of the kip, resulting in the exchange rate of 1 new kip to 100 old kip.
07/01/1979: Liberation of Cambodia
Vietnamese forces liberated Cambodia from the Khmer Rouge, leading to the reestablishment of the Riel.
02/12/1976: Kip becomes the sole legal tender
The Lao kip was declared as the sole legal tender in Laos, replacing the use of other currencies within the country.
17/04/1975: Khmer Rouge Regime
The Khmer Rouge regime took control of Cambodia, resulting in the abolition of currency and economic collapse.
01/01/1952: Currency reform
Laos implemented a currency reform that replaced the French Indochinese piastre with the new kip, at an exchange rate of 100 new kip to 1 old piastre.
11/07/1951: Introduction of the Riel
The Riel was established as the official currency of Cambodia, replacing the French Indochinese Piastre.
12/10/1945: Lao kip introduced
The Lao kip was first introduced as the official currency of Laos following the country's liberation from French colonial rule.