Lao Central Bank Places New Banknotes In Circulation
Source: Vientiane Times
The Bank of the Lao PDR (BOL), the central bank, last week announced that it has printed new editions of the 10,000 and 20,000 kip banknotes, which will be put into circulation this month.
The bank’s Head of Office, Mr Phetsathaphone Keovongvichit, and Director General of the Publishing Department, Mr Bounthavy Soukdavong, announced the introduction of the new banknotes at a press conference on Friday.
The 10,000 and 20,000 denomination notes have been in circulation since 2003, when BOL placed them in circulation for the first time and they were the highest denomination notes printed.
However, these banknotes have now been in use for 19 years and no longer match the quality of banknotes used in many other countries, which have been reprinted using more sophisticated designs to prevent forgery.
In 2018 BOL began looking at ways to update the 10,000 and 20,000 kip banknotes and newly designed notes were approved by the government in 2020.
The new notes are more attractive and are more easily distinguishable from other denomination notes.
The 10,000 kip note is a borderless and measures 3mm x 153mm x 72mm. The 20,000 kip note is 156mm long and 72mm wide. The colours of both new banknotes are similar to the 2003 version.
The banknotes also have several features that make them harder to counterfeit. The national emblem of the Lao PDR glows yellow when placed under a red light; when exposed to light the watermarks of President Kaysone Phomvihane and the numbers can be clearly seen on both the front and back sides.
Another feature is that the numbers 10,000 and 20,000 on the front will change colour when the banknotes are flipped.
The new banknotes can be used alongside the old 2003 notes, which will remain in circulation and can be used as normal. Bank officials say the printing of new banknotes will in no way affect the stability of the kip.
BOL called on the media to inform members of the public about the new banknotes to ensure everyone is confident about using them.
The bank urges citizens to use the kip in all transactions, to shore up its value and maintain its stability.
The central bank will make more changes to banknotes, to make them more durable and better protected against forgery so that the public can use them with confidence and there is less risk of counterfeiting.