Kip depreciation affects Lao economy
The value of the Lao currency, the kip, dropped by 37.4% against the US dollar and 32.9% against the Thai baht in the official market from January to August, according to an updated report of the Asian Development Bank (ADB).
The Lao kip (Photo: asiaasset.com)The continuing depreciation of the kip is linked to a supply-demand mismatch of foreign currencies, putting pressure on importers and increasing inflation.
The currency devaluation also has negative impacts on the Lao economy, driving up the price of products and creating more hardship for the poor.
According to the report, the year-on-year inflation rate in August was at a 22-year high of 30%. The rate averaged 15.5% in the first eight months of 2022.
Administered prices for fuel were increased 13 times from January to September, resulting in a 90.3% rise in diesel prices and a 62.3% increase in gasoline prices./.
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