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Tue, 07 Jul 2020 12:30 - Updated Tue, 07 Jul 2020 12:29

BNA presents new Kwanza banknotes Tuesday

Luanda - The National Bank of Angola (BNA) is holding a press conference on Tuesday in Luanda to present the new Kwanza bank note family "2020 series", at a time when the national currency has already depreciated 16.9 and 17.2 percent, respectively, against the dollar and euro since the beginning of the year.

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As a new feature, in the 2020 series, the sphinx stamped on the banknotes now only has the face of the first President of Angola, António Agostinho Neto, unlike the current which also includes the former head of State, José Eduardo dos Santos. 

Approved by the National Assembly in January this year, the new notes, with face value of 200, 500, 1000, 2000, 5000 and 10000 kwanzas, were also illustrated with the natural wonders of Angola.

On the 200 note are the Black Stones of Pungo to Ndongo (Malange), the 500 note features the Tundavala Cleft (Huila), the 1,000 - the Central Plateau (Huambo), the 2,000 - the Leba Mountain (Huila), the 5,000 - São Salvador of Congo Cathedral (Zaire) and the 10,000- to Zenzo Caves (Uige).

The new Kwanza banknotes will be safer, with characteristics that make it difficult to forge them, according to guarantees given by the governor of the BNA, José de Lima Massano.

The banknotes will have polymer (plastic) substrates that will make them more resistant and have greater durability than paper banknotes in circulation.

With the current paper banknotes, the state spends 30 million US dollars to maintain the Kwanza in circulation every two years.

The new Kwanza series will cost the same, but will be maintained every four years.

In this operation of issuing new banknotes, according to José de Lima Massano, the BNA planned to spend USD 30 million, the same amount used for the sanitation (replacement) of the banknotes in circulation in the country.

The introduction of the new banknote family will be progressive, particularly those with a higher denomination and will only be issued and put into circulation when economic development conditions so advise, he explained at the time.

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