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.
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.
01/07/2013: Exchange rate unification
North Korea unifies the official exchange rate and market rate, resulting in a significant depreciation of the won.
30/11/2009: Currency revaluation
North Korean government announces a currency revaluation, replacing the old won notes at a ratio of 1 for 100.
01/12/2001: Currency redenomination
North Korean won is redenominated, with the previous notes and coins being replaced by new ones at a ratio of 1 for 1,000.
02/07/1997: Lao kip devalued
Amidst the Asian financial crisis, the Lao government devalued the kip by approximately 20% against the US dollar.
25/02/1992: Introducing foreign exchange certificates
North Korea introduces foreign exchange certificates to counter hyperinflation and stabilize its economy.
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.
06/12/1979: Second major revaluation
North Korean won undergoes its second major revaluation, with the exchange rate being set at 1 for 10.
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.
31/12/1959: First major revaluation
North Korean won undergoes its first major revaluation, with the exchange rate being set at 1 for 100.
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.
06/12/1947: Introduction of North Korean won
North Korean won is introduced as the official currency of North Korea, replacing the Korean yen at par value.
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.