Ver Angola

Economy

National Bank of Angola promises new kwanza will not cause inflation

The governor of the National Bank of Angola (BNA), José Massano, assured Tuesday that the entry into circulation of the new kwanza banknotes, as of 30 July, "will not have a negative impact on the formation of prices" of products.

: Nelson Malamba/Angop
Nelson Malamba/Angop  

The official who spoke this Tuesday at the opening ceremony of the five new kwanza notes "Series 2020" said that "there is no reason to fear" because the introduction of new notes into the economy is not a new process.

"In 2013, when the banknotes currently in circulation were introduced, there was no negative impact on price formation, nor were there any incidents of rejection or loss of values of banknotes that were already in circulation, with these kwanza banknotes the route will be no different", he said.

This Tuesday, the BNA presented the five new kwanza banknotes, the national currency, whose effigy of the first President, António Agostinho Neto, with the image of José Eduardo dos Santos, the second President of the country, from abroad, was highlighted in the central image.

The new 200 kwanza, 500 kwanza, 1000 kwanza, 2000 kwanza and 5000 kwanza banknotes enter the market in stages until January 2021.

According to José Massano, the new kwanza banknotes, "inspired by the greatness of independent Angola in landscapes of unique beauty", contain elements of "our cultural identity" and of security, modernity and durability.

The 200 kwanzas to 2000 kwanzas banknotes made of polymer substrate (plastic) have durability "four times higher than those made of cotton".

The new substrate, he observed, "is recyclable and thus environmentally friendly".

"In our case the durability is very relevant because the intensity in the handling of the banknote makes its useful life reduced, increasing costs and sanitation of the circulating environment", he noted.

For the governor of the Angolan central bank, banknotes made of polymer present "greater convenience in their use and financial savings in the management of the circulating environment," especially in areas of the country where there are no BNA branches or commercial bank branches.

On the reverse side of all banknotes, the insignia of the Republic, the geographic and cultural diversity of Angola, as well as a microtext with the full letter of the National Anthem of Angola "Angola Avante" are common characteristics.

The new banknotes also have a raised print that allows their identification with tactile perception, especially for the visually impaired.

The "new family of the kwanza" will simultaneously live with the banknotes of the 2012 series "until the BNA understands that the conditions are in place to end their legal course.

According to the authorities, the coins are still in circulation.

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