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new 100,000kip banknote

  • wanderingcat

    Joined Travelfish
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    Posts: 730
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    just FYI:
    http://asiapacific.anu.edu.au/newmandala/2010/11/19/inflation-and-iconography-the-new-100000-kip-banknote-in-laos/#more-11668

    still remember the pre-50,000kip banknote days :)
    perhaps we will see fewer of such travel photos from Laos...

    #1 Posted: 22/11/2010 - 12:40

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  • wanderingcat

    Joined Travelfish
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    Posts: 730
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    from Vientiane Times:
    http://laovoices.com/2010/11/16/central-bank-issues-memorial-100000-kip-note/

    excerpts:
    The Bank of the Lao PDR is circulating new 100,000 kip banknotes amid concerns the move will add more pressure to the bank’s struggle with rising inflation...

    Deputy Director General of the Lao National Economic Research Institute, Dr Leeber Libuapao, warned yesterday that the central bank had to control circulation of the new banknote otherwise upward pressure on inflation would occur...

    At present, many traders face a shortage of low denomination banknotes and charge higher prices to avoid having to provide small change.

    Central bank officials said many commercial banks do not circulate low denominations of kip because they provide banknotes through ATM machines, with 20,000 and 50,000 kip banknotes the most convenient and practical for cash withdrawals...

    & for those who gripe about rising costs in Laos:

    The inflation rate in Laos has continued to swell in recent months as the global economy recovers from a recession. The main driving force of inflation in Laos is higher prices of fuel and food. The inflation rate in October reached 8 percent.

    #2 Posted: 23/11/2010 - 08:55

  • christay2009

    Joined Travelfish
    8th February, 2009
    Location United Kingdom
    Posts: 414
    Total reviews: 4

    Good post - thanks for sharing :)

    "& for those who gripe about rising costs in Laos"

    How much is a kilo of banana's currently? (i use a banana index for comparison)

    #3 Posted: 24/11/2010 - 03:39

  • wanderingcat

    Joined Travelfish
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    Posts: 730
    Total reviews: 4
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    follow up to the issue of the 100,000kip banknote:
    http://laovoices.com/2010/11/17/central-bank-defends-issue-of-100000-kip-note/

    Banks won’t be circulating the new 100,000 kip banknote for commercial purposes due to fears it could lead to higher inflation, according to a central bank official...

    Mr Souphat also said commercial banks would not use the new banknote in their ATM machines.

    just when i thought moneybelts were going to be thinner :P

    dunno about the price of bananas...am not in Laos...& when in Laos i seem to get them free all the time.

    (somtam - feel free to cut the following out & paste it as a new topic if you see the need to, am still having problems posting new topics on this forum.)

    on another kip-related note:
    http://laovoices.com/2010/11/16/kip-baht-exchange-units-open-in-thailand/

    if i read the article correctly, it will now be possible to convert kip into baht at Bangkok Bank branches in Nong Khai, Mukdahan & Ubon Ratchathani...? perhaps MADMAC could find out more for Mukdahan?

    #4 Posted: 24/11/2010 - 12:17

  • Captain_Bob

    Click here to learn more about Captain_Bob
    Joined Travelfish
    27th May, 2006
    Location Thailand
    Posts: 1607

    Ha Ha remember the days of mostly 100 and 500 then 1000s when changing $100 required a laundry sack. 2000 and 5000s added in 2002, now commemorative 450th anniversary 100k note, so $100= just 8 of those, where's the fun in that? =)

    #5 Posted: 24/11/2010 - 16:07

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