Replacing notes with coins in Angola offers savings to the State

10 November 2015

The two coins of 50 and 100 kwanzas put into circulation in Angola will replace the notes of the same denomination, and represent a saving for the state, said Monday in Luanda the Governor of the National Bank of Angola.

The ceremony to launch the two coins was held Monday in Luanda at the headquarters of the National Bank of Angola, in a ceremony presided over by Governor José Pedro de Morais and is part of the commemorations of the 40th anniversary of the independence of Angola.

The BNA director responsible for Cash in Circulation, António Manuel Ramos da Cruz said that at the moment the BNA has just 240,000 new coins but added that a total of 50 million 50-kwanza coins and the same number of 100-kwanza coins would eventually be provided.

Ramos da Cruz recalled that the notes of smaller denominations last about three months in circulation in the market, while the coins will last much longer, which “will allow a reduction of cost of production of notes and also keeps them longer in the market.”

The notes of 50 and 100 kwanzas will be replaced as the new coins come into the market, with the National Bank of Angola giving assurances that the money supply will remain unchanged.

The BNA currently has about 243 million coins in circulation, a number that is considered reasonable for the market’s needs. (macauhub/AO)