National Bank of Angola saves money by issuing plastic banknotes

9 January 2020

The issue of the new series of Angolan Kwanzas, scheduled for this year, will reduce maintenance costs of the country’s currency by half, said on Wednesday in Luanda the governor of the National Bank of Angola.

José de Lima Massano, speaking at the end of the discussion in parliament of the law that authorises the central bank to put a new family of currency into circulation, said the savings would extend the life cycle of the notes because they will no longer be manufactured on cotton paper but rather on a polymer, a kind of plastic.

“The use of the polymer, to replace the paper, will ensure that the new Kwanza notes are more durable than those currently used,” he said, quoted by the Angop news agency.

The governor said that the BNA this year expects to spend around US$30 million on issuing a new family of national currency, a similar amount to that spent on replacing banknotes in circulation.

The 2020 series of the Angolan currency comprises notes with the denominations of 200, 500, 1,000, 2,000, 5,000 and 10,000 kwanzas. (macauhub)