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Tue, 07 Jul 2020 14:20 - Updated Tue, 07 Jul 2020 14:19

New Kwanza banknotes start circulating on July 30

Luanda - Angola is to have as from July 30 a new series of banknotes (2020 series) made of polymer, which resembles to plastic, announced Tuesday the governor of the National Bank of Angola (BNA), José Lima Massano.

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New Kwanzas banknotes.

Photo: Nelson Malamba

The governor explained that the new banknotes would enter into circulation gradually as from July 30, with the integration of 200 Kwanza (AKz) banknotes, being 500 kwanzas introduced in September, 1,000 in October and 2,000 in November.

Currently, Massano said, despite of the legal provision, the AKz 10,000 banknotes are not expected to enter into circulation unless it proves absolutely necessary.

The entry into service will be progressive in order to allow knowledge of its characteristics and ensure that it is available in national territory, the BNA governor said.

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

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

José Lima 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 environmental friendly", Massano said.

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