Angolan munteenheid, also known as the Angolan kwanza (AOA), is the official currency of Angola. The munteenheid was first introduced in 1977, replacing the Angolan escudo at a rate of 1 kwanza to 1,000 escudos. The currency is issued and regulated by the National Bank of Angola.
The Angolan kwanza is subdivided into 100 lwei, with coins available in denominations of 1, 2, 5, 10, and 50 lwei. Banknotes come in denominations of 100, 200, 500, 1000, 2000, and 5000 kwanza. The currency features various symbols and designs, including images of prominent Angolan figures and landmarks.
Like many other African currencies, the Angolan kwanza has experienced significant fluctuations in value over the years. The currency has been heavily impacted by political instability, economic challenges, and fluctuating oil prices – as Angola is heavily reliant on oil exports.
In recent years, the Angolan government has taken steps to stabilize the currency and improve economic conditions. This has included implementing fiscal reforms, diversifying the economy, and attracting foreign investment. Despite these efforts, the currency remains vulnerable to external factors and is subject to ongoing volatility.
For travelers visiting Angola, it is recommended to exchange currency at official exchange offices or banks to avoid counterfeit money and ensure fair rates. ATMs are also available in major cities, although it is advisable to carry cash as some establishments may not accept card payments.
Overall, the Angolan munteenheid plays a crucial role in the country’s economy and daily transactions. While the currency has faced challenges in the past, efforts are being made to strengthen its value and stability for the future.