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The modern monetary unit of the Lao People's Democratic Republic is the Lao kip. 1 kip is equal to 100 atams. Introduced in 1955 instead of the previously circulated Indo-Chinese piastre at a rate of 1:1. Mainly used as a unit of exchange for the US dollar and Thai baht. Previously issued coins of 10, 20 and 50 ats are not included in circulation due to their insignificant value.