Angola lies on the West coast of Southern Africa with the Atlantic ocean to the west. It is the seventh-largest country in Africa. The capital and also largest city is Luanda. The total area of Angola 481, 400 square miles. Portuguese is its official language. Angola was destroyed by war because of the richness in natural resources. It was top of the list on the international community to survive. However, Angola belongs to one of the highest oil-producing in the world. Its official currency is Kwanza.
The history of Angolan Kwanza.
There were 4 different currencies of Kwanza were issued since 1977 including AOK, AON, AOR, and AOA. The name Kwanza received from the Kwanza River.
On 15 January 1975, Angola gained its independence from Portugal. The first Kwanza (AOK) was introduced as a symbol of Angola’s independence and also replacing the Escudo. Its denomination from AOK 20 up to AOK 1 000. Because of the transition from the socialist model of development to the market economy, it was replaced by the Novo Kwanza (AON).
The Nova Kwanza was introduced with the code is AON. All the old Kwanza denominations were reprinting with the terms ”NEW KWANZA”. Unfortunately, the currency exchange process from old notes to a new one is just only 5%, leaving 95% of it piled up in the Central Bank. This led to high inflation in Angola. At this point, the Kwanza currency was dropped, therefore, the government introduced the new banknotes series AON 500 000 on August 19.
As a result of the devaluation, another new currency was created in 1995. The Kwanza Reajustado (AOR) hadn’t changed much, so the higher banknote series was released. Putting the circulation of banknotes up to AOR 5 000 000.
The Angolan Kwanza (AOA) was reintroduced on November 12, 1999, which replaced the old currency. The AOA was expected to increase the national currency purchasing of the citizens and to simplify accounting progress. 1 Kwancha = 1,000,000 AOR. They both seem quite similar to each other, only different colors. In 2020, the Angola government decided to recreate a new series of Kwancha banknotes. At this point, the new banknotes will be printed with a portrait of the first president of Angola, Antonio Agostinho Neto.