New kwanza bank notes and coins are due to go into circulation in Angola as of 2013 in stages, particularly larger notes (5,000 and 10,000 kwanzas), the governor of the National Bank of Angola said Tuesday in Luanda.
Speaking to members of the Angolan parliament, governor José de Lima Massano said that higher denominations of bank notes would only go into circulation when conditions of economic development showed it was prudent to do so, according to Angolan news agency Angop.
In terms of the reasons for issuing new notes and coins, the governor said that the aim was to boost economic activities in the country and make the kwanza part of an international quality standard, with greater security, a better aesthetic, and to give it greater credibility overall.
Other advantages noted by Massano were a longer lifetime for the money in circulation, better protection against falsification, as well as putting metal coins back into circulation, which would improve price circulation and relieve the problem of a lack of change in the retail sector. (macauhub)