Kwanza Deemed Symbol of Economic Stability in Angola

Luanda: Angolans from various social strata considered on Thursday the national currency kwanza to be a symbol of economic stability and national identity throughout its 49 years since institutionalization on January 8, 1977. Despite its depreciation against the U.S. dollar and the euro, consumers emphasized that the Angolan currency represents a "flag" for Angolan citizens in addition to being a means of exchange. According to Angola Press News Agency, Irina de Vasconcelos commented on Currency Exchange Day, celebrated today, emphasizing that the kwanza is increasingly in circulation. However, she noted the necessity of boosting domestic production to address inflation. The singer and songwriter also pointed out the growing use of digital means for transactions in kwanza, which she believes enhances its value and contributes to its robustness. The kwanza was first introduced in Angola in 1977, replacing the colonial currency escudo after the country gained independence in 1975. Before colonization, the peo ple of Angola used shells, such as cowrie shells, and other objects as currency. After the Portuguese arrived, the escudo came into use. However, after independence, the Angolan government decided to create its own currency, naming it after the Kwanza River, one of the largest rivers in Angola. The transition from the escudo to the kwanza was complex. The first banknotes and coins were issued in 1977 with face values ranging from 20 to 1,000 kwanzas. Over the years, the kwanza has undergone several transformations, including the introduction of the new kwanza in 1990 and the readjusted kwanza in 1995. The escudo was replaced by the kwanza, which was subdivided into 100 lwei and given the ISO 4217 code AOK. The first coins were minted without an issue date, though they all bore the date of the country's independence on November 11, 1975, as well as the inscription "RP de Angola" (People's Republic of Angola). Initially, the denominations were 10, 20, and 50 lwei; 1, 2, and 5 kwanzas. In 1978, 20-kwanza coin s were minted, with the last date appearing on these coins being 1979. The first kwanza banknotes were created on November 11, 1976, under the terms of articles 8 and 30 of the Constitutional Law. They were issued in 1977 by the National Bank of Angola in denominations of 20, 50, 100, 500, and 1,000 kwanzas. The 20 kwanza note was replaced by the coin in 1978. The current series, launched in 2020, features elements of national culture, such as the effigy of the first president, Dr. António Agostinho Neto, and images of Angolan landscapes and monuments. Banknotes in this series come in denominations of 200, 500, 1000, 2000, and 5000 kwanzas. Except for the 5,000 kwanza note, which is made of cotton, the Kwanza is now made of plastic. In addition to these banknotes, metal coins of 5, 10, 20, 50, 100, and 200 kwanzas circulate in the national market. Despite facing challenges over the years, the kwanza remains an important part of the country's economy and culture. Its history is a testament to the resilience and determination of the Angolan people.