Laos Kip drops to historic low

phuketrichard · Post by **phuketrichard** » Sat Sep 16, 2023 10:32 am

great time to get more bang for ur buck now in Laos

20,000 kip =$1.
The Lao kip has continued to depreciate against foreign currencies, reaching a historic low today in international markets.

While the Bank of the Lao PDR set the exchange rate today at LAK 19,917 to the US dollar, commercial banks have been selling at a rate that has dropped below LAK 20,000.

The value of the kip began to plummet in August 2020 as economic woes struck the country amid the COVID-19 pandemic, trading at LAK 9,494 in July according to rates set by BOL, while the shadow rate reached nearly LAK 11,000 to the dollar.

The currency reached a 15-year low in November 2021 when it traded at LAK 10,689 to the US dollar, marking the lowest official rate since July 2005.

Throughout 2022 and 2023 the kip has continued its decline, steadily falling until breaching LAK 20,000 to 1 USD today.

Meanwhile, the shadow rate is trading at around LAK 22,000 to the US dollar.

https://laotiantimes.com/2023/09/15/lao ... us-dollar/

DeparRudeAnts · Post by **DeparRudeAnts** » Sat Sep 16, 2023 12:27 pm

But what does a mom n pop beer cost?

sigmoid · Post by **sigmoid** » Sat Sep 16, 2023 12:53 pm

phuketrichard wrote: ↑Sat Sep 16, 2023 10:32 am great time to get more bang for ur buck now in Laos

Except they have had double digit inflation for many months so prices of most everything are higher.
Still, it would be nice if people can travel there and give them some support.

Weak kip continues to drive inflation
https://www.thestar.com.my/aseanplus/as ... -inflation

The cost of living is continuing to rise due to the depreciation of the kip, forcing thousands of people to seek jobs in other countries so they can earn enough money to survive.

Although the rate of inflation rose more slowly in August at 25.88 per cent, down from 28.64 percent in June and 27.8 per cent in July, the rate is one of the highest in the region.

The weak kip is one of the main factors driving inflation, according to a report from the Lao Statistics Bureau.

Tootsfriend · Post by **Tootsfriend** » Sat Sep 16, 2023 1:01 pm

Look at the bigger picture. All currencies have dropped to almost historical lows against the USA dollar. Now compare the KIp to a few other currencies and you will have a better picture of whats happening . Even the Australian $ has gone tits up and now is being called the new ''pacific peso ''.

orichá · Post by **orichá** » Sat Sep 16, 2023 5:06 pm

Inflation in the West is affecting prices of imports to Cambodia.

Example. 3 months ago, price for 1 kg of President butter was 14.50 at Superduper ... as of last weekend, the same butter rose in price to 18.50... less than 3 months...

Meanwhile, the riel is still holding close to 4000 (4100) per dollar ...so, that means the price rise is coming from overseas ...

Matty9999 · Post by **Matty9999** » Sat Sep 16, 2023 5:19 pm

Tootsfriend wrote: ↑Sat Sep 16, 2023 1:01 pm Look at the bigger picture. All currencies have dropped to almost historical lows against the USA dollar. Now compare the KIp to a few other currencies and you will have a better picture of whats happening . Even the Australian $ has gone tits up and now is being called the new ''pacific peso ''.

All of this talk of de-dollarization had me scared at first, but the USD $$$$ has gone in the opposite direction. As someone who mostly withdraws my expenses in USD into local currency, you can imagine im watching the USD like a hawk just to make sure it doesn't tank. Over in Europe, i was getting only $1.22 per 1 euro back in 2021, but it popped down to .99 usd to 1 euro which was great for a time. At present it sits at $1.07, which is perfectly fine. Against the Thai Baht at present its at a 35.66, this actually makes me richer than the first time i visited Thailand. I think around this time it was at 32.

Go USD!!

Tootsfriend · Post by **Tootsfriend** » Sat Sep 16, 2023 5:30 pm

Matty9999 wrote: ↑Sat Sep 16, 2023 5:19 pm
Tootsfriend wrote: ↑Sat Sep 16, 2023 1:01 pm Look at the bigger picture. All currencies have dropped to almost historical lows against the USA dollar. Now compare the KIp to a few other currencies and you will have a better picture of whats happening . Even the Australian $ has gone tits up and now is being called the new ''pacific peso ''.
All of this talk of de-dollarization had me scared at first, but the USD $$$$ has gone in the opposite direction. As someone who mostly withdraws my expenses in USD into local currency, you can imagine im watching the USD like a hawk just to make sure it doesn't tank. Over in Europe, i was getting only $1.22 per 1 euro back in 2021, but it popped down to .99 usd to 1 euro which was great for a time. At present it sits at $1.07, which is perfectly fine. Against the Thai Baht at present its at a 35.66, this actually makes me richer than the first time i visited Thailand. I think around this time it was at 32.

Go USD!!

I remember way back in the 1960 s, we were always told that the USA needs to have a war to make the dollar and their economy strong. Must be true, as no other country could continue to operate with such a huge debt hanging over their heads with no attempt being made to get it lower. As long as we have the Russian vs Ukraine war going on i'm sure you will get your wish of a stronger USA Dollar.

orichá · Post by **orichá** » Sat Sep 16, 2023 5:34 pm

Price one kilo of butter at supermarket in Phnom Penh is 18.50

At Walmart it is 6.97 for 32 ounces...

There are 35.3 ounces in a kilo... making butter nearly 3 times more expensive in Cambo than in the USA... a kilo of butter in the USA is 7.66 vs. 18.50 in Cambo... hmmmm

I think this is a case of taxation plus price gouging, not inflation, sorry.

(I just checked: customs duty on butter is 7% plus 10% VAT... so, this is price gouging, whether it be Macro or Superduper, outright theft by a cartel of filthy capitalist pigs ...)

pic uploader

A slightly better deal at Macro, but still 2 times more than USA...

phuketrichard · Post by **phuketrichard** » Sat Sep 16, 2023 6:39 pm

dam; another thing Thailand wins
salted butter
227 grms 89 baht ( $2.54) so 1 kilo $10.16
all dairy products are expensive over there
whats 2 ltrs of milk now? ( here 89-95 baht) $2.54- 2.71
last i was in kep, 2 lts was $4.50

Stravaiger · Post by **Stravaiger** » Sun Sep 17, 2023 11:57 am

phuketrichard wrote: ↑Sat Sep 16, 2023 6:39 pm dam; another thing Thailand wins
salted butter
227 grms 89 baht ( $2.54) so 1 kilo $10.16
all dairy products are expensive over there
whats 2 ltrs of milk now? ( here 89-95 baht) $2.54- 2.71
last i was in kep, 2 lts was $4.50

Best to compare like with like e.g.

Villa Supermarket list President 200g at 209thb = $5.85

Delishop here $4.20.

But you're right, dairy imported from Europe used to be cheaper in Cambodia than in Thailand but since Covid price hikes here are reversing that. And it's price hikes that are making that difference, not increased duties or costs at source.

Laos Kip drops to historic low

Laos Kip drops to historic low

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