Angola to circulate new currency notes

Last Updated: Wed, Jan 23, 2013 07:20 hrs

Luanda, Jan 23 (IANS) A new set of Angolan kwanza notes will be circulated in the first half of 2013 as part of the efforts to spur economic growth of the African country, the official news agency Angop reported Tuesday.

The decision was announced by Governor of the National Reserve Bank (BNA) Jose de Lima Massano at a meeting organized to assess and discuss the draft state budget for this financial year, reported Xinhua.

The governor said the new currency notes will contribute to sustainable economic growth and the central bank will make a formal announcement on the issue Jan 29.

In 2012, the BNA announced the new set of Kwanza notes, local currency named after the longest river in the country, would enter the market in a gradual way, particularly the high value notes of 5,000 and 10,000 kwanzas ($50 and $100).

Coins will be in back in circulation again to facilitate changes and decreasing other constraints observed in the retail market, he added.

The National Reserve Bank has already received the authorization of the National Assembly (parliament) for the issue of the new currency notes, Angop said.

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