What is the currency of Angola? The Angolan Kwanza is the official currency of Angola. The symbol for kwanza is Kz and its currency code is AOA. Since 1977, four different currencies have used the name Kwanza.
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| What is the currency of Angola? |
The current Angolan Kwanza was introduced in 1999 as a replacement for the reset Kwanza, which had an AOR currency code.
The currency is subdivided into denominations of 100 cents. The Angolan kwanza is managed and issued by the National Bank of Angola (National Bank of Angola).
Euros are scarcely accepted in the country, but American American dollars are often used by travelers. Currently, the Angolan Kwanza exchange rate is equal to 0.00602585 US dollar.
Angolan Kwanza evolution
After the independence of Angola, the first Kwanza was introduced in 1977 to replace the shield on par.
This first kwanza was subdivided into 100 Iwei and had an AOK currency code. The coins issued did not include the year of issue, but contained '11 of November of 1975 'to mark the date of the country's independence. The coins were produced in denominations of 10, 5, 2, 1 and 50 Iwei.
In 1978, the 20 kwanza coins were introduced in the country, but then suspended in 1979. In 1977, the National Bank of Angola also introduced banknotes dated '11 NOVEMBER 1975 'in denominations of 1,000, 500, 100, 50 and 20 kwanzas. However, in the year that followed, the 20 kwanza bill was replaced by a coin.
Novo Kwanza
The new Kwanza was introduced in Angola in 1990, and had a AON cucurrency code.
Although the new Kwanza replaced the first Kwanza, the citizens of the country could only exchange 5% of all old bills for the new currency, and the rest had to be exchanged for government values.
As a result, the novo Kwanza suffered high inflation. The novo Kwanza was only issued in the form of banknotes. It is believed that the first de novo kwanza notes were overprints on previously issued notes in denominations of 5,000, 1,000, 500 and 50, although this has never been confirmed.
The term "de novo" was removed from the issuance of regular banknotes for 500,000, 100,000, 50,000, 10,000, 5,000, 1,000, 500 and 100 kwanzas in 1991.
Kwanza Reset
The readjusted kwanza, whose currency code was AOR, was introduced in Angola in 1995. The currency replaced the de novo kwanza at a rate of 1,000 to 1.
Currencies were never issued, given the country's current inflation problems. Due to the low value of the old kwanza, the smallest theme of the redesigned kwanza notes was the denomination 1,000, the rest are 5,000,000, 1,000,000, 500,000, 100,000, 50,000, 10,000 and 5,000.
Kwanza current
The current official currency of Angola is the second Kwanza whose code is AOA; It was introduced to the country in 1999. At a rate of 1,000,000 to 1, the Kwanza was the replacement of the redesigned Kwanza.
The introduction of the Kwanza currency led to the reintroduction of coins subdivided into 100 cents. Currently, the value of the Kwanza is stable even though the currency suffers high inflation.
Between 2012 and 2014, new currencies called 20, 10, 5 and 1 kwanzas were introduced in the country, along with 50 cents. On March 22, 2013, the National Bank of Angola issued a new series of banknotes in denominations of 500, 200, 100 and 50 kwanzas.
In May of the same year, denominations of 5,000, 2,000 and 1,000 kwanzas were issued. The bank also issued notes in denominations of 10 and 5 kwanzas in 2017.
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