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Economy

New 500 kwanzas banknote goes into circulation this Thursday

The new 500 kwanzas banknote starts circulating this Thursday, September 17th. According to the National Bank of Angola (BNA), the new banknotes are already available in all provinces, and should reach the Angolan people, in a first stage, through the multicaixa terminals.

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The 500 bill from the new kwanza family thus joins the 200 kwanza bill that entered the market on 30 July this year. For now, the new banknotes will circulate simultaneously with the old ones, and these remain valid.

Sebastião Banganga, director of the BNA's Department of the Circulating Environment, cited by Angop, made it known that sufficient quantities of 500 kwanzas notes were made available to the banks. However, he did not reveal the exact volume of banknotes that will become available.

The BNA official explained that since Thursday is a national holiday, those interested in acquiring the notes will be able to do so at the ATMs.

"We distribute sufficient quantities and they will already be obtained at the cash machines, due to the national holiday," he said.

An increase in the amount of notes available may be made, but this will depend on the requests made by commercial banks, he explained.

The old notes will be in circulation until the end of 2021. From January 1, 2022, the old kwanzas family will no longer be accepted.

The next banknote to enter the market will be the 1000 kwanzas and it is expected to start circulating from October 1st. On 11 November the 2000 banknote should enter into circulation and next year, in January, it is expected to introduce the 5000 kwanzas banknote.

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