DEFINITION of 'LAK (Lao Kip)'
The currency abbreviation or currency symbol for the Lao kip (LAK), the currency of Laos. The kip is made up of 100 att, and is often represented with a symbol that looks like a capital letter K with a horizontal dash through the center. The first kip coins minted in 1952 had holes in the center like Chinese coins.
BREAKING DOWN 'LAK (Lao Kip)'
The kip was first seen in 1952. It replaced the French Indochinese currency piastre on a 1:1 basis, but the new currency was also denominated in either kip and piastre or kip and riel or dong. Sole kip notes appeared in 1957, but this was replaced by Pathet Lao kip and the Lao PDR kips in 1976 and 1979, respectively.