Angolan kwanza

From Simple English Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Angolan kwanza
ISO 4217 Code AOA
User(s)  Angola
Inflation 13.1%
Source The World Factbook, 2009 est.
Subunit
1/100 cêntimo
Symbol Kz
Coins
Freq. used 1, 2, 5 kwanzas
Rarely used 10, 50 cêntimos
Banknotes 10, 50, 100, 200, 500, 1,000, 2,000 kwanzas
Central bank Banco Nacional de Angola
Website www.bna.ao

The kwanza (sign: Kz; ISO 4217 code: AOA) is the currency of Angola. The Kwanza was introduced in 1999, replacing the "Kwanza Reajustado" (AOK).  AOA is subdivided into coin denominations of 100 centimos, and is denoted by the symbol Kz.[1]

Angola declared independence from Portugal in 1975, following a bitter period in which Angola fought a war of independence while also becoming engulfed in a civil war. While Angola created its first national currency as an independent nation in 1977, this currency—called the Angola Kwanza (AOK)—soon saw its value rapidly eroded by inflation. The AON, introduced in 1990, was an attempt to deal with this severe inflation, but it too was devalued only 5 years later.

The second devaluation occurred in 1995, when the AON was replaced by a new currency called the “kwanza reajustado”. The devaluation was carried out at a rate of 1,000 new currency units for every 1 AON, reflecting the level of severity of Angola’s inflation crisis at that time. A third devaluation occurred in 1999, replacing the kwanza reajustado with the Second Kwanza (AOA), which is the currency that Angola continues to use today.[2]

References[change | change source]

  1. "AOA - Angolan Kwanza rates, news, and tools | Xe". www.xe.com. Retrieved 2021-10-21.
  2. "Angolan Novo Kwanza (AON) Definition". Investopedia. Retrieved 2021-10-21.