Central Bank To Circulate 2015 Version Of 500 Kip Note
Source: Vientiane Times
The Bank of the Lao PDR has announced that it will issue a 2015 version of the 500 kip banknote. It is giving advance notice of the circulation of the new banknote in a bid to prevent doubts about the validity of the currency.
The bank issued a notice on September 24 stating that it would begin circulating the 2015 version of the 500 kip banknote on October 7.
The 1998 version of the 500 kip note will still be valid alongside the new banknote, the bank stated
The notice No. 430/BOL, which is posted on the website of the Bank of the Lao PDR, states that the difference between the 1998 and 2015 notes is that the old banknote displays the old national logo while the new note features the current national logo.
Another difference is that the 2015 version of the 500 kip note has the Bank of the Lao PDR’s name printed at the top whereas the older version features the words State Bank.
The Bank of the Lao PDR, which is in charge of monetary management said the circulation of the 2015 version of the 500 kip note has nothing to do with the stability of the kip.
Many traders said they welcomed the bank’s decision to circulate more small denomination bank notes as this provided them with small change for their customers. They said that nowadays many people use a lot of large denomination notes, which makes it difficult for them to provide the right change.
Observers say the availability of small denomination notes will enable businesses to price goods more accurately, which should help to lower product prices. They claim that some vendors mark goods at 1,000 kip so they don’t have to give change to shoppers.