Kwanza — Angolan Currency (AOA)
The official currency of the Republic of Angola. ISO 4217 code: AOA. Symbol: Kz. Named after the Kwanza River, Angola’s largest river.
Key Facts
- ISO Code: AOA
- Symbol: Kz
- Central Bank: Banco Nacional de Angola (BNA)
- Exchange Rate (USD/AOA): ~914.60
- Subunit: Cêntimo (1/100, rarely used)
- Introduced: 1977 (replacing the Angolan Escudo)
- Denominations: Notes: Kz 5, 10, 50, 100, 200, 500, 1000, 2000, 5000
Exchange Rate History
The Kwanza has experienced significant depreciation over its history, reflecting oil price shocks, fiscal imbalances, and structural economic challenges. Major devaluations include the 1999 redenomination (1 new Kwanza = 1,000,000 old Kwanza), the 2018 managed devaluation (-45% vs USD), and the 2019 float transition (-40% vs USD in 12 months). Since mid-2023, the pace of depreciation has slowed significantly.
Convertibility
The Kwanza is partially convertible. Current account transactions are freely permitted, but capital account transactions require BNA authorization. The 2019 liberalization significantly improved FX availability through the auction mechanism, reducing the parallel market premium from over 150% to less than 5%.