The official Currency of Angola is known as Kwanza. The ISO code is AOA. Since 1977 four different currencies have been circulated which share the same name. The first series of Kwanza was introduced in the market in 1977 and continued to be the medium of transaction till 1990.
The ISO Code was AOK and it replaced escudo. 1 Kwanza was equivalent to 100 Lwei.
The first series of coins was available in 50lwei, 1,2,5,10,50 and 100 kwanza denominations. The 20 kwanza was added later in 1978. They did not bear any date except the date of independence.
The second series of coins was introduced in 1999 after the value of coins suffered from the high inflation rate. Coins were revived after this. The last set of coins were minted in 1999 that continues to be circulated.
They were made of either copper or cupro-nickel. On the obverse imprints of State title, coat of arms year were there.
The first set of banknotes was introduced in 1977. The Banco Nacional introduced this. They were available in 20,50,100,500 and 1000kwanza denominations. In 1978 the 20Kwnza bank note was replaced by coins. The Novo Kwanza with ISO 4217 code AON was introduced in 1990. It replaced Kwanza but later on suffered from inflation. These notes were overprints of the previous ones. In 1991 the word novos was dropped from the banknotes. They were available in 50,500,1000,5000,10000,50000,1000000,500000 kwanzas. This as followed by another series of banknotes known as Kwanza Reajustado, which went around the market during the later half of the 20th century from 1995-1999. The inflation rate was still high. The ISO 4217 code was AOR. Due to devaluation of the currency the lowest denomination printed was of 1000kwanza reajustado. The notes were available from 1000-5000000kwanzas. The banknotes were of different colors. On the obverse was impressed the portrait of Agostinho Neto, Jose Eduardo dos Santos. On the reverse side were pictures of mountains, cotton plantation, antelope, Banco Nacional de Angola, coffee plantation. The last series still continue to be minted.
One US Dollar is equivalent to 80.58 Kwanzas. The purchase price of the Angola currency in the informal market is KZ 74,00 and selling price is KZ 78,00.
Last Updated on : 25th June 2013