Angola launches new banknotes, coins

Luanda, Jan 30: Angola’s Reserve Bank has launched a new family of banknotes and coins.

The new coins of 50 cent, 1, 5 and 10 Kwanzas went into circulation with effect from Jan 18 and the currency notes of denominations of 50, 100, 200, 500, 1,000, 2,000 and 5,000 Kwanzas (100 Kwanzas equals $1) will be gradually introduced into the market from March to June, BNA Governor Jose de Lima Massano said at the launching ceremony.

The governor ruled out the possibility that the circulation of the 5,000 Kwanza bank note would cause inflation in the internal market as it would not increase the financial value of the money in possession of the public, reported Xinhua.

The new bank notes to be introduced into the market will be equal to those to be withdrawn by the BNA and so the new bank notes would have no influence on the credit balance of the monetary basis or of the payment means, says Jose de Lima Massano.

The decision to issue a new series was approved on June 26, 2012, by the National Assembly (parliament).

IANS