National Bank of Angola to put new kwanza notes and coins in circulation

30 January 2013

The introduction of a new “family” of kwanza coins and banknotes will be put into circulation in Angola in stages in order to keep the country’s economy stable, said the governor of the Bank of Angola (BNA), José de Lima Massano, Tuesday in Luanda.

Noting that the coins would go into circulation on 18 February, the governor said that their introduction would make way for fairer retail transactions as they will prevent prices being rounded up due to a lack of coins in smaller denominations.

The deputy governor of the BNA, António André Lopes, said that while the coins would go into circulation in February the banknotes would be introduced on 22 March. In the first year at least two thirds of the newly minted coins and newly printed notes would go into circulation, he said.

Current coins and banknotes will circulate alongside the new ones until they are definitively removed from circulation.

The new “family” of kwanza notes and coins, 750 million units of which were produced, includes notes with a face value of one, five, ten, 50, 100, 200, 500, 1,000, 2,000, 5,000 and 10,000 kwanzas, whilst the coins will have a face value of five and two kwanzas, and 50 and 10 kwanza cents.

The new 10,000 kwanza notes will be put into circulation only if conditions in the Angolan economy require it, said the deputy governor of the National Bank of Angola. (macauhub)