Angola unveils new currency

The Angolan Reserve Bank (BNA) was Monday due to launch new Kwanza coins for 50 and 100 denominations.
The Kwanzas 10, 50 and 100 currently in circulation will be gradually phased out.
According to a BNA statement, the new coins would start circulating immediately.
Embassies
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.
Exchange
This BNA policy was aimed at fighting the dollarisation 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 current official rate of exchange $1 for Kwanzas 136.

SOURCE: AFRICA REVIEW