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Home Africa

New Angola banknotes being introduced progressively

Duarte Marques da Cruz by Duarte Marques da Cruz
April 6, 2020
in Africa, Angola, Currency, Finance, Legislation
Reading Time: 1 min read
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New Angola banknotes being introduced progressively
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When the new Instructive notice of the Banco Nacional de Angola (National Bank of Angola) based on the Law 7/20, of March 30 comes into force, the new family of kwanza called “Series 2020” will be released.

The new banknotes are more durable and safer due to the new security characteristics that make them more difficult to counterfeit.

The new banknotes with the face value of 200, 500, 1000, 2000, 5000, and 10000 kwanzas have illustrations of the natural beauties of Angola.

The new kwanza banknotes will be introduced progressively in the same proportion of the withdrawal of the current banknotes, preventing a price scale not adjusted to the economy.

The creation of this new banknotes has the purpose of minimizing the costs with the production and maintenance of the actual banknotes, being made of plastic (polymer substrates) instead of paper.

The Banco Nacional de Angola, through its partners and economic operators, will plan a strategy to the withdrawal of the current banknotes bearing in mind the need to avoid an underload on the market.

With the implementation of the banknotes with higher face values, it is crucial to highlight the influence on the purchasing power, becoming this more limited. Therefore, on these occasions, there is always a readjustment of the goods and services’ price.

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Tags: AngolaBanco Nacional de AngolaBank of angolaBNACurrencyFeaturekwanzaMCA Advogadosанголаأنغولاアンゴラ安哥拉
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Duarte Marques da Cruz

Duarte Marques da Cruz

Duarte Marques da Cruz is partner of the Portuguese law firm MC&A, specialized in international business advisory, with a special focus in Lusophone markets. With extensive experience in the Energy sector (Renewables and Oil & Gas) and in International Taxation, he has supported international companies in major upstream, midstream transactions and projects, including in implementing, exploration and development programs. Duarte has also supported international clients in other areas of practice, namely, Mining, Transport & Logistics, Regulatory Compliance and Mergers & Acquisitions in Mozambique, Angola and Portugal.

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