The Angolan Reserve Bank (BNA) launched new Kwanza coins for 50 and 100 denominations. The Kwanzas 10, 50 and 100 banknotes currently in circulation will be gradually phased out. According to a BNA statement, the new coins would start circulating immediately.
The metal coins complete the 2012 Kwanza family, which include coins of 50 cents, Kwanzas 1, 5, 10 and 20 which were approved by the 2012 Law of July 30. The launch of the new currency was approved by parliament in June 2012.
In 2013, BNA directed oil firms, embassies and other foreign institutions operating in Angola to conduct their financial transactions in Kwanza and not the US dollar. The circulation of new 5,000 Kwanza notes started in January 2013.
This BNA policy was aimed at fighting the dollarization of the Angolan economy. Some embassies and consulates were already receiving payments for visas and paying their employees in Kwanzas. Business in Angola is conducted either in Kwanzas or the US dollar.
The National Bank of Angola is the central bank of Angola. It is state-owned and the Government of Angola is the sole shareholder. The bank is based in Luanda, was created in 1926, but traces its ancestry back to 1865. The National Bank of Angola is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.
In 1864, the Banco Nacional Ultramarino (BNU) was established in Lisbon, Portugal, as a bank of issue for all Portuguese overseas territories. The next year, it opened branches in several places, including Angola, which at the time was an overseas province of Portugal. In 1926, the Portuguese established a separate issue bank for Angola, creating the Bank of Angola (Banco de Angola). When Angola gained its independence in 1975, the government nationalized the banking sector. Banco de Angola became Banco Nacional de Angola (BNA). The BNA continued to function as a central bank, bank of issue and commercial bank. The government also designated it as the only legal holder of foreign currency and delegated to it responsibility for all foreign transactions.
On April 20, 1991, a new law restricted BNA’s role to that of a central bank, including being solely responsible for monetary policy and acting as issuing bank, banker of the Government and reserve bank. Beginning in 1999, the Central Bank began implementing reforms to meet international standards.
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