Bank of the Lao P.D.R.
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| Headquarters | Vientiane, Laos |
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| Coordinates | 17°57′57″N 102°36′25″E / 17.9658°N 102.6070°ECoordinates: 17°57′57″N 102°36′25″E / 17.9658°N 102.6070°E |
| 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 and has been since operating in the country's capital.
On 16 December 1979, the old Pathet Lao “Liberation” kip was replaced by the new Lao kip at a rate of 100 to 1.
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.
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.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.
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