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New currency launched

    JOHANNESBURG

    The Angolan Central Bank on Wednesday launched a new currency, the kwanza, as part of a monetary reform program to simplify small transactions, news reports said.

    The reports quoted Aguinaldo Jaime, the central bank governor, as saying the authorities wanted to do away with the public having to use large wads of the old currency, the readjusted kwanza, when making small purchases. The largest denomination of the new currency will be five kwanzas, which is worth 5 million readjusted kwanzas. The new currency will coexist with the
    old for several months until the readjusted kwanza is entirely phased out, he said.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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