ISO 4217 Code：AOA

User(s)：Angola

Inflation：

13.2%

Source：The World Factbook, 2006 est.

Subunit：

1/100 centimo

Symbol：Kz

Coins：

Freq. used：

1, 2, 5 kwanzas

Rarely used：

10, 50 centimos

Banknotes：

1, 5, 10, 50, 100, 200, 500, 1000, 2000 kwanzas

Central bank：Banco Nacional de Angola

Website：http://www.bna.ao

The kwanza (ISO currency code: AOA, abbreviation also: Kz) is the currency of Angola.

History

Four different currencies using the name kwanza have circulated since 1977.

Start DateFinish DateCurrency UnitSub UnitNotes8 January 197724 September 1990Kwanza100 lwei1 kwanza = 1 Angolan escudo25 September 199030 June 1995Novo kwanza (AON)none1 novo kwanza = 1 kwanza1 July 199530 November 1999Kwanza reajustado (AOR)none1 kwanza reajustado = 1000 novos kwanzas1 December 1999presentKwanza (AOA)100 centimos1 kwanza = 1,000,000 kwanzas reajustados

First Kwanza, 1977-1990

The kwanza was introduced following Angolan independence. The first banknotes were dated 1976 but not issued until 1977. Coins were issued in denominations ranging from 50 lwei to 100 kwanzas. Interestingly, some of the coins were issued witout dates of issue, although all bore the date of independence, 11 November 1973. The last date to appear on coins was 1979.

Novo Kwanza, 1990-1995

The first banknotes were overprints on earlier notes and the denomination was given as novo kwanza. Later banknotes dropped the word novo. 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.

Kwanza Reajustado, 1995-1999

Although the exchange rate to the previous kwanza was 1000 to one, such was the low value of the old kwanza that the smallest denomination of banknote issued was 1000 kwanza reajustado. The inflation continued with denominations reaching 5 million kwanza reajustado. No coins were issued.

Second Kwanza, 1999-

The introduction of this currency saw the reintroduction of coins. Although it suffered early on from high inflation, its value has now stabilized.

Coins

Coins in 10 and 50 centimos denominations aren't used any more, as the values are minuscule.

Banknotes

Banknotes are quite similar with only different colours separating them.

Historical exchange rates

This table shows the historical value of one U.S. dollar in Angola kwanzas:DateCurrency code and NameRate1994AON novo kwanza34,200 to 850,000Jan to Jun 1995AON novo kwanza1,000,000 to 2,100,0001 July 19951000 AON ->

1 AOR (kwanza reajustado)Jul to Dec 1995AOR kwanza reajusto2,100 to 13,0001996AOR kwanza reajusto13,000 to 210,000 to 194,0001997AOR kwanza reajusto194,000 to 253,3001998AOR kwanza reajusto253,300 to 594,0001999AOR kwanza reajusto594,000 to 5,400,0001 December 19991 million AOR ->

1 AOA (kwanza)2000AOA kwanza5.4 to 16.32001AOA kwanza16.3 to 31.122002AOA kwanza31.12 to 57.472003AOA kwanza57.47 to 86.88 to 78.612004AOA kwanza78.61 to 85.902005AOA kwanza85.90 to 88.97 to 80.582006AOA kwanza80.58 to -

Angola's currencies were the Least valued currency unit for several times in the 1990s.

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