Angola’s currency celebrates 40th anniversary

9 January 2017

Angola’s currency, the kwanza, on 8 January celebrated the 40th anniversary since the National Bank of Angola (BNA) put the currency into circulation, replacing the Portuguese escudo, Angolan news agency Angop reported.

Replacing the colonial escudo with the kwanza as a means of payment throughout Angola took eight days, given that at that time the movement of people and goods in the country was relatively peaceful.

The kwanza was originally the smallest unit of the lwei, in coins, the equivalent of 50 cents and a note of one thousand kwanzas was the highest face value.

The currency initially had a fixed price of 33 kwanzas per dollar, but the economic distortions that have arisen over the years have led to high rates of inflation and therefore the central bank changed its denomination and its value.

This was how, in 1990, the new kwanza (NKx) came into circulation, replacing the original kwanza, and in 1995, for the same reason the readjusted kwanza (KzR) was created.

The BNA was forced in December 1999 to bring the readjusted kwanza to an end and start issuing the kwanza once again.

On 18 February, 2013 the process of updating the Angolan currency began with the issue of 50 cent, 1 kwanza, five kwanzas and 10 kwanzas.

In March 2013, the BNA issued 50, 100, 200, 500, 1000 and 2000 kwanza notes and in May issued the 5,000 kwanza note.

On 11 November 2015, the central bank put into circulation new coins of 50 and 100 kwanzas, as part of celebrations of the fortieth anniversary of national independence. (macauhub)