Thekwanza (sign:Kz;ISO 4217 code:AOA) is the currency ofAngola. Four different currencies using the name kwanza have circulated since 1977. The currency derives its name from theKwanza River (which is also written as: Cuanza, Coanza, Quanza).[1]
The kwanza was introduced followingAngolan independence. It replaced theescudo atpar and was subdivided into 100lwei. ItsISO 4217 code wasAOK. 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.
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.
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.
In 1990, the novo kwanza was introduced, with theISO 4217 codeAON. 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.
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.
In 1995, the kwanza reajustado (pluralkwanzas reajustados) replaced the previous kwanza at a rate of 1,000 to 1. It had theISO 4217 codeAOR. The inflation continued and no coins were issued.
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.
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 100cêntimos. 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 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.
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)
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]
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