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.
17/10/2019: Protests against economic crisis
Mass protests erupted in Lebanon due to economic crisis, leading to further depreciation of the Lebanese pound.
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.
03/11/1997: Revaluation of the Lebanese pound
The Lebanese pound was revalued at a rate of 1,500 LBP = 1 USD, ending the fixed exchange rate with the US dollar.
02/07/1997: Lao kip devalued
Amidst the Asian financial crisis, the Lao government devalued the kip by approximately 20% against the US dollar.
01/01/1986: Introduction of the parallel exchange market
The parallel exchange market was introduced in Lebanon, leading to a diverging exchange rate between the official and unofficial markets.
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.
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.
01/01/1976: Lebanese Civil War
The Lebanese Civil War began, causing significant economic instability and devaluation of the Lebanese pound.
01/01/1961: Pegged to the US dollar
The Lebanese pound was pegged to the US dollar at an exchange rate of 1 LBP = 1.5 USD.
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.
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.
27/11/1941: Devaluation of the Lebanese pound
The Lebanese pound was devalued by 41.9% following the breakup of the French franc.
01/10/1920: Lebanese pound introduced
The Lebanese pound was introduced at a fixed exchange rate of 1 pound = 20 French francs during the French mandate period.