Angola national bank to release new banknotes

FILE PHOTO: Locals walk along the central bank building in the capital Luanda, Angola. June 7,2016. REUTERS/Ed Cropley/File Photo

A new series of banknotes made of polymer are due to enter into circulation in Angola from July 30, the governor of the National Bank of Angola (BNA) Jose Lima Massano said on Tuesday.

The governor explained that the new banknotes, including 200 (0.35 U.S. dollars), 500, 1,000, 2,000 and 5,000 Kwanza, would enter into circulation gradually from July 30.

Despite the legal provision, the 10,000 Kwanza banknotes are not expected to enter into circulation unless it proves necessary, said Massanbo.

The entry into service will be progressive in order to allow people to understand its characteristics and ensure that it is available in national territory, he said.

The new banknotes will coexist with the existing ones of the 2012 series until December 31, 2021.

The BNA will publish the timetable for the withdrawal of the older banknotes; in the meantime, the coins will remain in circulation without any change.

Massano explained that with the polymer banknotes there is the possibility of better usage and financial savings in the management of currency circulation.

“No less important is the fact that the new substrate is recyclable, making them more environmentally friendly”, Massano said.

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