Around 1 billion “new family” kwanzas in coins went into circulation Monday in the Angolan market, and area available at banks and in the main shopping centres, according to Angolan news agency Angop.
In this initial phase, the National Bank of Angola has put 50 cent, one cent, five, and ten cent coins into circulation and, as of 22 March, plans gradually to introduce 50, 100, 200, 500, 1000, 2000 and 5000 kwanza bank notes.
There will be no currency exchange, nor any change in the value of the money, but rather a gradual replacement of one “family” for another. The banknotes and coins in circulation before the new coins and notes were introduced will cease to be legal tender in five years.
The “new family” kwanza includes modern security characteristics that allow them to be identified both visually and through touch, and that allow notes and coins to be easily identified as being genuine. (macauhub)