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.
15/04/2019: Coronation of King Rama X
King Maha Vajiralongkorn's coronation ceremony took place, affirming stability and continuity in the monarchy.
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.
19/09/2006: 2006 Thai coup d'état
The military staged a coup overthrowing the government, causing political instability and affecting the currency.
02/07/1997: Asian Financial Crisis
The Thai baht was devalued triggering the Asian financial crisis, resulting in economic recession and structural reforms.
02/07/1997: Lao kip devalued
Amidst the Asian financial crisis, the Lao government devalued the kip by approximately 20% against the US dollar.
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.
01/01/1980: Currency Floatation
The Thai baht was shifted from a fixed to a floating exchange rate system, leading to increased volatility.
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.
14/10/1973: October 14 Uprising
A popular uprising against the military dictatorship led to political reforms and an increase in public participation.
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.
01/01/1942: Japanese Occupation
During World War II, Thailand was occupied by Japan, leading to the introduction of Japanese-sponsored banknotes.
24/06/1932: Siamese Revolution
The Siamese Revolution resulted in the establishment of a constitutional monarchy, marking the beginning of political changes in Thailand.