Understanding Angola's Monetary Unit: Kwanza

The kwanza is the basic monetary unit of Angola. It was introduced in 1977 following Angola's independence and is named after the Kwanza River. One kwanza is equal to 100 lwei and the currency has an ISO 4217 code of AOA.

The kwanza is Angola's basic monetary unit

The kwanza (sign: Kz; ISO 4217 code: AOA) is Angola's basic monetary unit. It was introduced in 1977 following the country's independence from Portugal, replacing the Portuguese escudo. The kwanza gets its name from the Kwanza River (also written as Cuanza, Coanza, or Quanza).

The kwanza is subdivided into 100 lwei, with 100 lwei equal to 1 kwanza. The first kwanza coins issued did not bear any date of issue but all featured the date of Angola's independence: "11 de Novembro de 1975". These coins were in denominations of 50 lwei, 1, 2, 5, and 10 kwanzas, with a 20 kwanza coin added in 1978. The last date to appear on these coins was 1979.

Since its introduction, Angola's currency has undergone several denominations. The first kwanza (AOK) was in use from 1977 to 1990 and had a stable exchange rate of 29.918 kwanzas to the US dollar. In 1990, the novo kwanza (AON) replaced the first kwanza at par, but Angolans could only exchange 5% of their old notes for new ones. This currency suffered from high inflation.

The novo kwanza was replaced in 1995 by the kwanza reajustado (AOR) at a rate of 1,000 to 1. Inflation continued, and no coins were issued. In 1999, a second kwanza (AOA) was introduced, replacing the kwanza reajustado at a rate of 1,000,000 to 1. This second kwanza brought back the usage of coins, which had not been minted previously due to inflation.

1 kwanza = 100 lwei

The kwanza is the currency of Angola, with the ISO 4217 code AOA and the sign Kz. It was introduced in 1977 following Angola's independence from Portugal. The kwanza replaced the Angolan escudo at par and was subdivided into 100 lwei. The first kwanza's ISO 4217 code was AOK, and it was used until 1990.

The kwanza was first introduced on 8 January 1977, with banknotes dated 11 DE NOVEMBRO DE 1975 (11 November 1975, the date of Angola's independence). These were introduced by the Banco Nacional de Angola (National Bank of Angola) in denominations of 20, 50, 100, 500, and 1000 kwanzas. The 20 kwanza note was replaced by a coin in 1978. The first coins issued for the kwanza currency did not bear any date of issue, but all bore the date of independence. They were in denominations of 50 lwei, 1, 2, 5, and 10 kwanzas.

The kwanza is named after the Kwanza River (also written as Cuanza, Coanza, or Quanza). Since 1977, four different currencies using the name kwanza have circulated in Angola. The first kwanza (AOK) was used from 1977 to 1990 and was replaced by the novo kwanza (AON) in 1990. The novo kwanza suffered from high inflation and was replaced by the kwanza reajustado (AOR) in 1995. The kwanza reajustado also experienced continued inflation and was replaced by the second kwanza (AOA) in 1999.

The second kwanza is the current currency of Angola and, unlike the first kwanza, is subdivided into 100 cêntimos rather than lwei. The second kwanza reintroduced coins to Angolan currency, which had not been minted previously due to inflation.

The kwanza replaced the Angolan escudo

The kwanza is the currency of Angola. It was established in 1977 after Angola won its independence from Portugal. The kwanza replaced the Angolan escudo at par, meaning 1 kwanza was valued at 1 Angolan escudo. The kwanza was subdivided into 100 lwei.

The first kwanza, with the ISO 4217 code AOK, was in circulation from 1977 to 1990. It had a remarkably stable exchange rate of 29.918 kwanzas to the US dollar for the entire period. The first coins issued for the kwanza currency bore the date of Angola's independence: "11 de Novembro de 1975". They were issued in denominations of 50 lwei, 1, 2, 5 and 10 kwanzas. 20 kwanza coins were added in 1978.

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

The Angolan currency has been denominated four times in total: the first kwanza, the novo kwanza, the kwanza reajustado, and the second kwanza.

Kwanza banknotes are issued by the Banco Nacional de Angola

The kwanza (sign: Kz; ISO 4217 code: AOA) is the currency of Angola. The kwanza was introduced in 1977 following Angola's independence from Portugal. The kwanza replaced the Portuguese escudo at a rate of 1 kwanza to 1 escudo and was subdivided into 100 lwei. The currency is named after the Kwanza River.

The Banco Nacional de Angola (National Bank of Angola) is the central bank of Angola and is responsible for issuing kwanza banknotes. The bank is state-owned, with the Government of Angola as its sole shareholder. It is based in Luanda and was created in 1926, but its origins date back to 1865.

The Banco Nacional de Angola has issued several series of kwanza banknotes since the currency's introduction. The first kwanza banknotes, introduced on 8 January 1977, were in denominations of 20, 50, 100, 500, and 1000 kwanzas. The 20 kwanza note was later replaced by a coin in 1978.

Over time, due to inflation and currency reforms, Angola has had four different currencies using the name kwanza: the first kwanza (AOK, 1977-1990), the novo kwanza (AON, 1990-1995), the kwanza reajustado (AOR, 1995-1999), and the second kwanza (AOA, 1999-present). Each of these currencies has had different denominations and designs for their banknotes.

The current series of Angolan kwanza banknotes, introduced in 2020, features the portrait of the first president of Angola, António Agostinho Neto. The denominations of these banknotes include 200, 500, 1,000, 2,000, 5,000, and 10,000 kwanzas. The 200 to 2,000 kwanza notes are printed on polymer substrate, while the 5,000 and 10,000 kwanza notes are printed on cotton paper.

The kwanza has suffered from high inflation

The kwanza is the currency of Angola and has been since 1977, when it was introduced following Angola's independence. The kwanza, which is subdivided into 100 lwei (or Iwei), derives its name from the Kwanza River.

The kwanza has undergone several revaluations since its introduction. The first kwanza (AOK) was replaced by the novo kwanza (AON) in 1990. This new currency suffered from high inflation. In 1995, the novo kwanza was replaced by the kwanza reajustado (AOR) at a rate of 1,000 to 1. Inflation continued to be a problem and no coins were issued.

In 1999, a second currency was introduced, simply called the kwanza (AOA). This new currency also suffered from high inflation early on. Its value stabilised until 2016, when the currency started devaluing again. Between May and June 2023, the kwanza suffered a devaluation of nearly 40% against the US dollar, reaching a record low of 825 kwanzas to the US dollar.

The central bank governor, Manuel Tiago Dias, has stated that the Bank of Angola could take measures to avoid strong fluctuations in the currency's value.

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