Angolan kwanza

The kwanza (ISO currency code: AOA, abbreviation also: Kz) is the currency of Angola. Four different currencies using the name kwanza have circulated since 1977.

Start Date	Finish Date	Currency Unit	Sub Unit	Notes
8 January 1977	24 September 1990	Kwanza (AOK)	100 lwei	1 kwanza = 1 Angolan escudo
25 September 1990	30 June 1995	Novo kwanza (AON)	none	1 novo kwanza = 1 kwanza
1 July 1995	30 November 1999	Kwanza reajustado (AOR)	none	1 kwanza reajustado = 1000 novos kwanzas
1 December 1999	present	Kwanza (AOA)	100 cêntimos	1 kwanza = 1,000,000 kwanzas reajustados

First Kwanza, 1977-1990

The kwanza was introduced following Angolan independence. It replaced the escudo at par and was subdivided into 100 lwei. Its ISO 4217 code was AOK.

Coins

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

Banknotes

In 1977, banknotes (dated 1976) were introduced by the Banco Nacional in denominations of 20, 50, 100, 500 and 1000 kwanzas. The 20 kwanzas note was replaced by a coin in 1978.

Novo kwanza, 1990-1995

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.

Banknotes

This currency was only issued in note form. 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, 1995-1999

In 1995, the kwanza reajustado replaced the previous kwanza at a rate of 1000 to 1. It had the ISO 4217 code AOR. The inflation continued and no coins were issued.

Banknotes

Despite the exchange rate, such was the low value of the old kwanza that the smallest denomination of banknote issued was 1000 kwanza reajustado. Other notes were 5000, 10,000, 50,000, 100,000, 500,000, 1,000,000 and 5,000,000 kwanzas.

Second kwanza, 1999-

In 1999, a second currency was introduced simply called the kwanza. 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 has now stabilized.

Coins

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	Reeded	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

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

Banknotes

Banknotes
Image		Value	Main Colour	Description			Date of
Obverse	Reverse			Obverse	Reverse	Watermark	printing	issue
		1 kwanza	Pink	Agostinho Neto, José Eduardo dos Santos	Women picking cotton	?	October 1999	1 December 1999
		5 kwanzas	Light blue		Mountain pass
		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 kwanza	Rose		Coffee plantation
		2000 kwanza	Lime		Sea shore			2006

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

Historical exchange rates

This table shows the historical value of one U.S. dollar in Angola kwanzas:

Date	Currency code and Name	Rate
1994	AON novo kwanza	34,200 to 850,000
Jan to Jun 1995	AON novo kwanza	1,000,000 to 2,100,000
1 July 1995		1000 AON -> 1 AOR (kwanza reajustado)
Jul to Dec 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 to -

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

See also

• Economy of Angola

External links

• Collection of coin - Angola