Wikipedia

Angolan kwanza

"Kwanza" redirects here. For the holiday, see Kwanzaa. For other uses, see Kwanza (disambiguation).

The kwanza (sign: Kz; ISO 4217 code: AOA) is the currency of Angola. Four different currencies using the name kwanza have circulated since 1977. The currency derives its name from the Kwanza River (which is also written as: Cuanza, Coanza, Quanza).[1]

Angolan kwanza
ISO 4217
CodeAOA (numeric: 973)
before 2000: AOK, AON, AOR
Subunit0.01
Unit
SymbolKz‎
Denominations
Subunit
 1⁄100cêntimo
Banknotes200, 500, 1,000, 2,000, 5,000 kwanzas
Coins
 Freq. used5, 10, 20, 50, 100 kwanzas
 Rarely used50 cêntimos, 1 kwanza
Demographics
ReplacedAngolan escudo
User(s) Angola
Issuance
Central bankBanco Nacional de Angola
 Websitewww.bna.ao
PrinterGoznak
 Websitewww.goznak.ru
Valuation
Inflation10.81%
 SourceBanco Nacional de Angola, 2023.

Overview

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Start date Finish date ISO 4217 Currency unit Subunit Notes
1958 8 Jan 1977 Angolan escudo
8 Jan 1977 24 Sep 1990 AOK Kwanza 100 lwei 1 kwanza = 1 Angolan escudo
25 Sep 1990 30 Jun 1995 AON Novo kwanza none 1 novo kwanza = 1 kwanza
1 Jul 1995 30 Nov 1999 AOR Kwanza reajustado none 1 kwanza reajustado = 1000 novos kwanzas
1 Dec 1999 present AOA Kwanza 100 cêntimos 1 kwanza = 1,000,000 kwanzas reajustados

First kwanza, AOK, 1977–1990

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Kwanza was introduced following Angolan independence. It replaced the escudo at par and was subdivided into 100 lwei. Its ISO 4217 code was AOK. Following a change in currency, a confiscation took place. Individuals could convert up to 200,000 escudos for kwanzas and corporations up to 1,500,000 escudos. This kwanza had a remarkably stable exchange rate of 29.918 kwanzas to the U.S. dollar for the entire period.

Coins

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The first coins issued for the kwanza currency did not bear any date of issue, although all bore the date of independence, "11 de Novembro de 1975". They were in denominations of 50 lwei, 1, 2, 5 and 10 kwanzas. 20 kwanza coins were added in 1978. The last date to appear on these coins was 1979.

First kwanza coins
Image Value Composition Diameter Weight Thickness Edge Issued
50 lwei copper-nickel 16 mm 2 g 1.5 mm Reeded 1977-1979
1 kwanza copper-nickel 20.9 mm 3.91 g 1.8 mm Reeded 1977-1979
2 kwanzas copper-nickel 23.2 mm 5 g 1.82 mm Reeded 1977
5 kwanzas copper-nickel 25.5 mm 7 g 2.05 mm Reeded 1977
10 kwanzas copper-nickel 27.5 mm 7.7 g 2 mm Reeded 1977-1978
20 kwanzas copper-nickel 29 mm 10 g 1.9 mm Reeded 1978

Banknotes

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On 8 January 1977, banknotes dated 11 DE NOVEMBRO DE 1975 were introduced by the Banco Nacional de Angola (National Bank of Angola) in denominations of 20, 50, 100, 500, and 1000 kwanzas.[2] The 20 kwanza note was replaced by a coin in 1978.

Novo kwanza, AON, 1990–1995

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In 1990, the novo kwanza was introduced, with the ISO 4217 code AON. Although it replaced the kwanza at par, Angolans could only exchange 5% of all old notes for new ones; they had to exchange the rest for government securities. This kwanza suffered from high inflation.

Coins

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Novo kwanza coins
Image Value Composition Diameter Weight Thickness Edge Issued
50 kwanzas copper 24 mm 5.5 g Reeded 1991
50 kwanzas copper-plated steel 23.3 mm 5 g Reeded 1992
100 kwanzas copper 27.3 mm 8 g Reeded 1992

Banknotes

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This currency was only issued in note form.[contradictory] The first banknotes issued in 1990 were overprints on earlier notes in denominations of 50 (report not confirmed), 500, 1000 and 5000 novos kwanzas (5000 novos kwanzas overprinted on 100 kwanzas). In 1991, the word novo was dropped from the issue of regular banknotes for 100, 500, 1000, 5000, 10,000, 50,000, 100,000 and 500,000 kwanzas.

Kwanza reajustado, AOR, 1995–1999

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In 1995, the kwanza reajustado (plural kwanzas reajustados) replaced the previous kwanza at a rate of 1,000 to 1. It had the ISO 4217 code AOR. The inflation continued and no coins were issued.

Banknotes

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Despite the exchange rate, such was the low value of the old kwanza that the smallest denomination of banknote issued was 1000 kwanzas reajustados. Other notes were 5,000, 10,000, 50,000, 100,000, 500,000, 1,000,000 and 5,000,000 kwanzas.

Second kwanza, AOA, 1999–

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In 1999, a second currency was introduced simply called the kwanza. It replaced the kwanza reajustado at a rate of 1,000,000 to 1. Unlike the first kwanza, this currency is subdivided into 100 cêntimos. The introduction of this currency saw the reintroduction of coins. Although it suffered early on from high inflation, its value became stable until 2016, when the currency started devaluing again. The currency suffered a devaluation of nearly 40% against the US dollar between May and June 2023 to a record low of 825 kwanzas to the US dollar.[3][4]

Coins

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First series

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Coins
Value Technical parameters Description Date of first minting
Diameter Mass Composition Edge Obverse Reverse
10 cêntimos 15 mm 1.5 g Copper-plated steel Plain State title, Coat of arms, year Value 1999
50 cêntimos 18 mm 3 g
1 kwanza 21 mm 4.5 g Cupronickel Reeded State title, Coat of arms, year Value 1999
2 kwanzas 22 mm 5 g
5 kwanzas 26 mm 7 g
For table standards, see the coin specification table.

Coins in 10 and 50 cêntimo denominations are no longer used, as the values are minuscule. Coins of this series lost their legal tender status on 1 January 2015.

Second series

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Coins
Value Technical parameters Description Date of first minting
Diameter Mass Composition Edge Obverse Reverse
50 cêntimos 20.6 mm 3.8 g Copper-nickel-plated steel Plain State title, Coat of arms, year Value 2012
1 kwanza 22.1 mm 5.0 g Brass-plated steel Plain
5 kwanzas 25 mm 7.0 g Bi-metallic nickel-brass centre in copper-nickel ring Reeded
10 kwanzas 27 mm 8.0 g Bi-metallic copper-nickel centre in nickel-brass ring Reeded
20 kwanzas 28 mm 11.64 g Bi-metallic steel centre in brass ring Interrupted reeded Rainha Njinga 2014
50 kwanzas 26 mm 7.6 g Copper-nickel-clad steel Partially reeded 40 years of independence 2015
100 kwanzas 26.5 mm 8.6 g Brass-clad steel Partially reeded
For table standards, see the coin specification table.

During 2012–14, new coins were introduced in denominations of 50 cêntimos, 1, 5, 10 and 20 kwanzas.

Banknotes

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First Series

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The banknotes are quite similar in design, with only different colours separating them.

Banknotes of the Angolan Kwanza (1999-2011 series)
Image Value Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark printing issue
1 kwanza Pink Agostinho Neto and José Eduardo dos Santos Women picking cotton Sculpture October 1999 1 December 1999
5 kwanzas Light green Serra da Leba
10 kwanzas Red 2 antelopes
50 kwanzas Lime Off-shore oil rig
100 kwanzas Yellow-brown Banco Nacional de Angola
200 kwanzas Lilac Aerial view of Luanda November 2003 19 July 2004
500 kwanzas Orange Cotton
1000 kwanzas Rose Coffee plantation
2000 kwanzas Lime Sea shore

Second series

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The Banco Nacional de Angola issued a new series of kwanza banknotes on March 22, 2013, in denominations of 50, 100, 200 and 500 kwanzas. The other denominations (1000, 2000 and 5000 kwanzas) were issued on May 31, 2013.[5][6] In 2017, the Banco Nacional de Angola issued 5 and 10 kwanzas banknotes as part of the family of banknotes first introduced in 2012.[7][8]

Banknotes of the Angolan Kwanza (2012 "Waterfalls" series)
Image Value Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark printing issue
5 kwanzas Gray Embroidery; Agostinho Neto and José Eduardo dos Santos Ruacana waterfall October 2012 2017
10 kwanzas Red Embroidery; Agostinho Neto and José Eduardo dos Santos Luena waterfall October 2012 2017
50 kwanzas Yellow-orange Carvings; Agostinho Neto and José Eduardo dos Santos Cuemba waterfalls October 2012 22 March 2013
100 kwanzas Light brown Carvings; Agostinho Neto and José Eduardo dos Santos Binga waterfalls October 2012 22 March 2013
200 kwanzas Light violet Embroidery; Agostinho Neto and José Eduardo dos Santos Tchimbue waterfalls October 2012 22 March 2013
500 kwanzas Orange Embroidery; Agostinho Neto and José Eduardo dos Santos Aundulo waterfalls October 2012 22 March 2013
1,000 kwanzas Light red Embroidery; Agostinho Neto and José Eduardo dos Santos Kalandula waterfalls October 2012 31 May 2013
2,000 kwanzas Lime green Embroidery; Agostinho Neto and José Eduardo dos Santos Dande waterfalls October 2012 31 May 2013
5,000 kwanzas Light purple Embroidery; Agostinho Neto and José Eduardo dos Santos Kapanda hydroelectric dam, Kwanza River October 2012 31 May 2013
10,000 kwanzas Teal Embroidery; Agostinho Neto and José Eduardo dos Santos Giant sable antelopes October 2012 Not issued[9]

Third series

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In 2020, the Banco National de Angola introduced a new family of kwanza banknotes in denominations of 200, 500, 1,000, 2,000, 5,000 and 10,000 kwanzas. The new banknotes have a portrait of the first president of Angola, António Agostinho Neto. Banknotes of 200 to 2,000 kwanzas are printed on polymer substrate, while the 5,000 and 10,000 kwanzas banknotes are printed on cotton paper, with a 10,000-kwanza note to only be issued if necessary.[10]

Banknotes of the Angolan Kwanza (2020 series)
Image Value Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark printing issue
200 kwanzas Blue Agostinho Neto Pedras Negras de Pungo a Ndongo, Malange 20 July 2020[11]
500 kwanzas Brown Agostinho Neto Tundavala gap, Huila 17 September 2020[11]
1,000 kwanzas Violet Agostinho Neto Planalto Central mountain range, Huambo 1 October 2020[11]
2,000 kwanzas Green Agostinho Neto Leba mountain range, Huila 11 November 2020[11]
5,000 kwanzas Purple Agostinho Neto Ruins of the Cathedral of São Salvador do Congo 4 February 2021[12]

Historical exchange rates

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  • 1977–1990: 29.918 kwanzas (AOK) or novo kwanzas (AON) per US dollar
Date Currency code and Name Rate (currency units per USD)
1994 AON novo kwanza 34,200 to 850,000
January to June 1995 AON novo kwanza 1,000,000 to 2,100,000
1 July 1995 1000 AON → 1 AOR (kwanza reajustado)
July to December 1995 AOR kwanza reajustado 2,100 to 13,000
1996 AOR kwanza reajustado 13,000 to 210,000 to 194,000
1997 AOR kwanza reajustado 194,000 to 253,300
1998 AOR kwanza reajustado 253,300 to 594,000
1999 AOR kwanza reajustado 594,000 to 5,400,000
1 December 1999 1 million AOR → 1 AOA (kwanza)
2000 AOA kwanza 5.4 to 16.3
2001 AOA kwanza 16.3 to 31.12
2002 AOA kwanza 31.12 to 57.47
2003 AOA kwanza 57.47 to 86.88 to 78.61
2004 AOA kwanza 78.61 to 85.90
2005 AOA kwanza 85.90 to 88.97 to 80.58
2006 AOA kwanza 80.58 to 89.01 to 80.57
2007 AOA kwanza 80.57 to 74.78 to 75.16
2008 AOA kwanza 75.16
2017 AOA kwanza 165.09
2018 AOA kwanza 238.801 to 308.61
2019 AOA kwanza 308.61 to 482.23
2020 AOA kwanza 482.23 to 649.49

On several occasions during the 1990s, Angola's currency was the least valued currency unit in the world.[citation needed]

Current AOA exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD INR KRW
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD INR KRW
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD INR KRW
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD INR KRW

Production

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The Angolan kwanza banknotes have been produced by De La Rue in England.[13][better source needed]

See also

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References

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  1. ^ Theroux, Paul (30 May 2013). The Last Train to Zona Verde: Overland from Cape Town to Angola. Penguin Books Limited. ISBN 9780241965139 – via Google Books.
  2. ^ Linzmayer, Owen (2012). "Angola". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  3. ^ "Kwanza continua a cair mas abranda ritmo de depreciação face às principais divisas". Expansão (in Portuguese). 2023-07-17. Retrieved 2023-09-27.
  4. ^ "Desvalorização do kwanza: "É preciso chamar o FMI" – DW – 28/06/2023". dw.com (in Portuguese). Retrieved 2024-07-17.
  5. ^ Angola new 50-, 100-, 200-, and 500-kwanza notes confirmed Archived 2013-04-30 at the Wayback Machine BanknoteNews.com. April 11, 2013. Retrieved on 2013-04-11.
  6. ^ Angola new 1,000-, 2,000-, and 5,000-kwanza notes confirmed Archived 2013-08-09 at the Wayback Machine BanknoteNews.com. June 24, 2013. Retrieved on 2013-06-27.
  7. ^ Angola new 5-kwanza note (B550) confirmed Archived 2017-06-24 at the Wayback Machine Banknote News (banknotenews.com). January 19, 2017. Retrieved on 2017-01-19.
  8. ^ Angola new 10-kwanza note (B551) confirmed Archived 2017-06-24 at the Wayback Machine Banknote News (banknotenews.com). January 19, 2017. Retrieved on 2017-01-19.
  9. ^ "Angola 10,000-kwanza note (B552as) confirmed – BanknoteNews". 29 August 2020.
  10. ^ Angola new note family reported to be introduced in 2020 BanknoteNews (banknotenews.com). December 20, 2019. Retrieved on 2019-12-23.
  11. ^ a b c d "Notes and Coins". Bank of Angola. Retrieved 15 July 2022.
  12. ^ "New 5,000 Kwanza banknote goes into circulation February 4". Bank of Angola. Archived from the original on 1 February 2021. Retrieved 15 July 2022.
  13. ^ Plc, De La Rue. "De La Rue in Kenya | About Us". www.delarue.com. Retrieved 2022-05-25.
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Kwanza
Preceded by:
Angolan escudo
Reason: independence (in 1975)
Ratio: at par 		Currency of Angola
1977 – 1990 		Succeeded by:
Novo kwanza
Reason: government seized part of the money supply
Ratio: at par (see article for more detail)
Novo kwanza
Preceded by:
Kwanza
Reason: government seized part of the money supply
Ratio: at par (see article for more detail) 		Currency of Angola
1990 – 1995 		Succeeded by:
Kwanza reajustado
Reason: inflation
Ratio: 1 kwanza reajustado = 1000 novos kwanzas
Kwanza reajustado
Preceded by:
Novo kwanza
Reason: inflation
Ratio: 1 kwanza reajustado = 1000 novos kwanzas 		Currency of Angola
1995 – 1999 		Succeeded by:
Kwanza
Reason: inflation
Ratio: 1 kwanza = 1,000,000 kwanzas reajustados
Kwanza
Preceded by:
Kwanza reajustado
Reason: inflation
Ratio: 1 kwanza = 1,000,000 kwanzas reajustados 		Currency of Angola
1999 – 		Succeeded by:
Current
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