Bank of the Lao P.D.R.

Bank of the Lao P.D.R.
Headquarters Vientiane, Laos
Coordinates 17°57′57″N 102°36′25″E / 17.9658°N 102.6070°E / 17.9658; 102.6070Coordinates: 17°57′57″N 102°36′25″E / 17.9658°N 102.6070°E / 17.9658; 102.6070
Established 7 October 1968
Central bank of Laos
Currency Lao kip
Website http://www.bol.gov.la

Bank of the Lao P.D.R., located in Vientiane, is the central bank of Laos. It is also the bank of last resort, controlling the money supply, managing the country's reserves, and supervising the commercial banks operating in Laos.

The bank is managed by an Executive Board, a Governor and a Deputy Governor. The current Governor is Somphao Phaysith; the Deputy Governor is Bounsong Sommalavong.

The Bank of Laos was formed on October 7, 1968 [1] and has been since operating in the country's capital.

Lao PDR Kip (1979)

On 16 December 1979, the old Pathet Lao “Liberation” kip was replaced by the new Lao kip at a rate of 100 to 1.[2]

Coins

Coins were again issued in Laos for the first time in 28 years in 1980 with denominations of 10, 20 and 50 att, with each being struck in aluminum and depicting the state emblem on the obverse and agricultural themes on the reverse. These were followed by commemorative 1, 5, 10, 20 and 50 kip in 1985 for the 10 year anniversary of the Lao People's Democratic Republic. However, due to the economic toll of the Soviet collapse in 1991 and the persistence of chronic inflation, there are no coins currently in circulation in Laos.

Banknotes

In 1979, banknotes were introduced in denominations of 1, 5, 10, 20, 50 and 100 kip. 500 kip notes were added in 1988, followed by 1000 kip in 1992, 2000 and 5000 kip in 1997, 10,000 and 20,000 kip in 2002 and 50,000 kip on January 17, 2006 (although dated 2004). On November 15, 2010 a 100,000 kip banknote was issued to commemorate the 450th anniversary of the founding of the capital, Vientiane and the 35th anniversary of the establishment of the Lao People's Democratic Republic.[3][4][5] Kaysone Phomvihane is pictured on the obverse of the 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 kip banknotes.

The Bank of Laos governor announced on January 25, 2012 that the Bank of Laos would issue 100,000 Kip banknotes as a regular issue on February 1, 2012 (but dated 2011) to encourage Lao people to use the national currency instead of U.S. dollars and Thai baht.[6][7][8]

Current Series
Image Value Description Date of issue Series Designation
Obverse Reverse Obverse Reverse
₭1 Militia unit at left, arms at upper right. Schoolroom scene at left. 1988 P-25a
₭5 Shopping Elephant Logging 1979 P-26a
₭10 Dark brown on multicolor underprint. Lumber mill at left, arms at upper right. Medical scenes at left. 1988 P-27a
₭20 Arms at left, tank with troop column at center. Brown and maroon. Textile mill at center. 1988 P-28a
₭50 Rice Planting Hydroelectric Dam 1979 P-29a
₭100 Harvesting Bridge 1979 P-30a
₭500 Modern Irrigation Fruit Harvesting 1988 P-31a
₭1,000 Laotian Ethnic Groups Women: Lao Lum, Lao Sung and Lao Theung. Cattle Herd 2008 P-39
₭2,000 President Kaysone Phomevihane, Wat Xieng Thong in Luang Prabang, Laos Hydroelectric Complex in Xeset, Laos 2011 P-41
₭5,000 President Kaysone Phomevihane; Pha That Luang Cement Factory in Vang Vieng 2003 P-34b
₭10,000 President Kaysone Phomevihane; Pha That Luang Mekong River Bridge 2003 P-35b
₭20,000 President Kaysone Phomevihane; Haw Pra Keaw (Ho Phra Keo) Small River Dam 2003 P-36B
₭50,000 President Kaysone Phomevihane; Pha That Luang Presidential Palace 2004 P-37
₭100,000 President Kaysone Phomevihane, Pha That Luang in Vientiane, Laos President Kaysone Phomevihane Statue and Museum , Vientiane, Laos 2011 P-42
₭100,000 King Sethathirath statue, Pha That Luang in Vientiane, Dork Champa Flower and Naga Dragon. Ho Phra Keo Temple in Vientiane, Laos 2010 P-40

References

  1. ↑ History of the Bank
  2. ↑ Linzmayer, Owen (2012). "Laos". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  3. ↑
  4. ↑ Laos new 100,000-kip commemorative confirmed BanknoteNews.com. Retrieved 2012-01-31
  5. ↑ http://www.bol.gov.la/together_use/kip&coin.pdf
  6. ↑ http://www.nationmultimedia.com/breakingnews/Lao-central-bank-to-issue-new-100000-kip-notes-30174542.html
  7. ↑ http://www.bol.gov.la/laoweb/Money100.pdf
  8. ↑ Laos new 100,000 kip note confirmed BanknoteNews.com. Retrieved 2012-02-03.
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