Bank Exchange Rates for Angolan Kwanza
Bank Exchange Rates for Angola - AOA - Angolan Kwanza - Kz. The foreign exchange rates for Angola also known as the ISO code AOA or the Angolan Kwanza currency and as a symbol Kz.
Current banknotes in circulation are 10, 50, 100, 200, 500, 1,000, 2,000 and 5,000 kwanzas. Angola’s banknotes are very similar in appearance with only colors separating one denomination from another. The second kwanza, which is still in circulation, was designed to subdivide into 100 Centimos and to reduce coins available. Now there are 1, 2, 5, and 10 kwanza coins, with 10 and 50 centimo coins available, but rarely used. Send Money Transfer to Angola.
The initial Kwanza had an ISO code of AOK. It was in use from 1977 up to 1990. It was released at the rate of 1Kwanza was equal 1Escudo. The Escudo was the currency used by the Portuguese historically and also in the countries they colonised; Angola being one of them.
Bank Exchange Rates for Angola
After 1990 the new currency produced was the Novo Kwanza (NKZ) to mean the 'New Kwanza'. This was an attempt to reinstate the value of their currency in the world market and to curb money forgery. Its ISO code was AON. There was not much difference in value since the rates were 1 Novo Kwanza was equal to 1 Kwanza. The Novo Kwanza was in use for the next five years.
In 1955 the Kwanza Reajustado,'Readjusted Kwanza', was introduced. It was introduced at the rate of 1 Kwanza Reajustado (Kzr) was equal to 1000 Novo Kwanza. The currency was still a way to reinstate the value of their currency in the world market. The ISO code for the Kwanza Reajustudo was AOR.
Currency Rate for Angola
Five years later the Banco Nacional de Angola (BNA), introduced the new currency which they simply named the Kwanza. This is the currency they are using up to date. The ISO code is AOA. It was introduced at the rate of 1 Kwanza(Kz) being equivalent to 1 million Kwanza Reajustudo.
The 10 and 50 centimo denominations are no longer in use. This most recent Kwanza presented an improved currency with better security against forgery, a better physical structure and was in accordance to the international currency requirements.
Currency Rates for Angolan Kwanza
Some limitations imposed on the Kwanza are that Angolan citizens can only carry as much as 10,000 USD into or out of the country. For Angolan residents the limit is 5,000 USD. All companies operating in Angola are required to use the local currency to make payments. Also all payments are to be made through local banks, even those made to foreign organizations.
GBP to AOA
Since 1977, Angola has had 4 currencies by the name of ‘kwanza’. The first of which bore the date when the country gained independence – 1975 – rather than an issue date. Banknotes were first released into circulation in 1977, and were available in five denominations, from 20 kwanzas through to 1,000 kwanzas. Bank Exchange Rates for Angolan Kwanza. The foreign exchange rates for Angola also known as the ISO code AOA. Send money transfer online with us with the cheapest options