Public Interventions

November 09, 2015

Governor’s speech of the National Bank of Angola, at the launch of the coins of 50 and 100 Kz

Your Excellencies,
Mr. Minister of Culture,
Mr. Minister of Territorial Administration;
Mrs. Vice-Governor of the BNA
Members of the BNA Board of Directors
Dear Directors,
Representatives of the Media
Ladies and Gentlemen

In compliance with the relevant legal provisions of the National Assembly, the National Bank of Angola joins the 40th Anniversary of National Independence celebrations, by entering into circulation two commemorative coins, valued at 50 and 100 kwanzas, with the following features:

The 50 kwanza coin is unicolor, semi-serrated and metallic. The obverse reads "República de Angola" [Republic of Angola] and an image depicting the raising of the flag on November 11, 1975, an adult representing a survivor of the National Liberation struggle, a child representing the Angolan Pioneer and a mast of the National Flag with the inscription "40° Aniversário da Independência Nacional, 1975-2015" [40th Anniversary of National Independence 1975-2015].

The reverse features the face value in the centre and the inscription "Kwanzas", basketry as a symbol of the national culture and the year of issue, "2015", at its base.

The 100 kwanza coin is unicolor and bronze-coated. The obverse reads "República de Angola" [Republic of Angola] and an image depicting the raising of the flag for the declaration of National Independence on November 11, 1975, an adult representing a survivor of the National Liberation struggle, a child representing the Angolan Pioneer and a mast of the National Flag with the inscription "40° Aniversário da Independência Nacional, 1975-2015" [40th Anniversary of National Independence 1975-2015].

The reverse features the face value in the centre and the inscription "Kwanzas", basketry as a symbol of the national culture and the year of issue, "2015", at its base.

Thus, today marks the official release of the 50 and 100 kwanza coins of the 2012 series, according to authorization granted by the National Bank of Angola by Law no. 15/15 of August 21st;

Despite the downturn in economic growth in 2015, due to the sudden and sharp decline in our main export product, we have seen an increase of currency in circulation within the Country, particularly in the use of coins and small denomination bills. The money that we use passes more quickly through various economic agents and even with the notable progress of electronic means, there are still many cash payments, which allows us to maintain the conditions of monetary circulation that are of a quality and quantity suited to the needs of the national economy, thus ensuring society's comfort in handling national currency.

The issue of coins also reveals the BNA's concern with maintaining fairer trade relations. With low monetary value coins, retailers are afforded greater opportunities and more alternatives when pricing goods, because they can avoid the need to always round up due to a lack of small denomination payment methods.

On this special occasion, the National Bank of Angola joins the National Institutions and the Population at large to honour all Angolans who, when faced with extraordinarily difficult circumstances, declared their national independence and engaged in the legal constitution of a new currency, marking the monetary sovereignty of the Republic of Angola.

Thank you.