Kip depreciation deals heavy blow to Lao economy
The Lao kip has plunged to a record low in recent days against the US dollar and Thai baht despite the government’s attempts to stabilise currency exchange rates.
The value of the national currency has nosedived since the end of March, the Governor of the Bank of the Lao PDR, Mr Sonexay Sitphaxay, told National Assembly members this week.
Over the past five months, the kip dropped in value by 7.79 percent against the US dollar and 8.43 percent against the Thai baht compared to the figures recorded at the end of last year, due to a supply-demand mismatch.
Somsack Pongkhao
