Time Period: 1762-1861

Currency: Angolan Macuta


Timeline

  • around 1752
  • Issuance of local copper coins denominated in Portuguese Real
  • around 1762
  • Issuance of local silver and copper coins denominated in Macuta
  • around 1782
  • Ratings for the inland trade: 1 Likuta (bale of cloth) = 1'000 Zimbo (Olivella snail) = 50 Réis
  • 18.04.1809
  • Decree to demonetize the local silver coins and to reduce the weight of local copper coins by 50%; the old copper coins were counter-stamped (stamp: coat of arms) and subsequently circulated at double face value
  • 21.03.1837
  • Devaluation of the local copper coins by 20% (to 40 Portuguese Réis per Macuta).

Valuation Regimes

  • 1762-1861
  • Metallic currency based on circulating silver coins with fixed rate against the Portuguese Real; the Angolan silver coins of 1762-1809 were underweighted by 17% compared to Portuguese (480 Angolan Réis at 28337⁄65 Portuguese grains silver 11 deniers - 480 Portuguese Réis at 342 Portuguese grains silver 11 deniers). Base weight is the Portuguese mark / 8 ounces / 8 octaves / 3 deniers / 24 grains at 229.500 grams.

Rate Arrangements

  • ??.??.1762
  • Metallic
  • Macuta: 1'348.56mg AG fine
  • 156 Macutas to the Portuguese Mark of 11-deniers silver


Time Period: 1861-1913

Currency: Angolan Milreis


Timeline

  • 25.07.1861
  • Portuguese ordinance on the introduction of Portuguese coins for circulation at the same rate as in Portugal; effective 01.08.1861
  • ??.??.1861
  • Demonetization of the local copper coins
  • 04.10.1865
  • Start of operations of the local branch of the Portuguese National Overseas Bank (est. 12.08.1864) at Luanda; subsequently issued paper money for the colony

Valuation Regimes

  • 1861-1913
  • Nominally identical to the Portuguese Milreis. The Angolan paper money was not fully convertible into Portuguese currency.


Time Period: 1914-1927

Currency: 1st Angolan Escudo


Timeline

  • 18.09.1913
  • Portuguese ordinance [No. 141] on the implementation of the Portuguese currency reform of 1911 in the colonies (except India); effective 01.01.1914
  • 01.01.1914
  • Start of currency exchange:
    - 01.01.1914: Start of issuance of the new banknotes and coins
    - The banknotes denominated in Milreis were not demonetized (?).
  • 07.05.1921
  • Governor's decree [No. 13] on the suspension of the issuance privilege of the National Overseas Bank and establishment of a currency board; effective 12.05.1921
    - 26.06.1922: Contract between the colonial government and the National Overseas Bank on the continuation as acting issuing institute until the installation of a successor.
    - 14.08.1926: Portuguese law [No. 12:123] on the termination of the issuing privilege (and handover to the Bank of Angola); effective immediately
  • 14.09.1923
  • Governor's decree [No. 364] on the establishment of the Bank of Angola as state-owned commercial and central bank; effective by Portuguese law [No. 12:131] of 14.08.1926

Valuation Regimes

  • 1914-1922
  • Nominally identical to the Portuguese Escudo. The Angolan paper money was not fully convertible into Portuguese currency.
  • 1922-1927
  • Variable around the former parity to Portuguese Escudo.

Rate Arrangements

  • 01.01.1914
  • Fixed
  • Portuguese Escudo at 1 : 1
  • ±0.0%
  • 01.01.1922
  • Variable
  • initially: Portuguese Escudo at 1 : 1
  • ±0.0%


Time Period: 1928-1958

Currency: Angolan Angolar


Timeline

  • 14.08.1926
  • Portuguese law [No. 12:124] on the creation of the new currency; effective 01.08.1928 by decree [No. 15:649] of 25.06.1928 (initially 01.07.1928 by decree [No. 15:449] of 07.05.1928, then postponed).
  • 01.08.1928
  • Start of currency exchange:
    - 01.08.1928: Start of issuance of the new banknotes and coins
    - The former banknotes were demonetized immediately and had to be exchanged at sight.
  • 22.03.1952
  • Portuguese law [No. 38:695] on the issuance of new subsidiary coins; effective immediately

Valuation Regimes

  • 1928-1958
  • Fixed rate against Portuguese Escudo

Rate Arrangements

  • 01.08.1928
  • Fixed
  • Portuguese Escudo at 1 : 1
  • ±0.0%


Time Period: 1958-1977

Currency: 2nd Angolan Escudo


Timeline

  • 27.06.1953
  • Portuguese general law [No. 2066] on the Overseas Territories: §72.II prescribed the unification of all colonial currencies; effective in stages per section
  • 22.11.1958
  • Governor's decree on the authorization of new banknotes by the Bank of Angola; effective 31.12.1958
  • 31.12.1958
  • Start of currency exchange:
    - 01.01.1959: Start of issuance of the new banknotes
    - The 1952 subsidiary coins remained in circulation, and the former banknotes were not demonetized.

Valuation Regimes

  • 1958-1976
  • Fixed rate against Portuguese Escudo
  • 1976-1977
  • Fixed rate against US Dollar

Rate Arrangements

  • 31.12.1958
  • Fixed
  • Portuguese Escudo at 1 : 1
  • ±0.0%
  • 10.05.1976
  • Fixed
  • US Dollar at 1 : 29.918
  • -0.5%


Time Period: 1977-1990

Currency: 1st Angolan Kwanza


Timeline

  • 05.11.1976
  • Law [No. 69] on the nationalization of the Bank of Angola and name change into "National Bank of Angola"; effective 11.11.1976
    - 20.04.1991: Law [No. 4] on the split off of the National Bank's commercial bank functions; in Kraft am ??.??.????
  • 11.11.1976
  • Law ["Moeda Nacional", No. 71-A/76] on the creation of the national currency; effective 08.01.1977
    - 07.01.1977: Law ["Troca de Moeda", No. 1/77] on the currency exchange; effective 08.01.1977.
  • 08.01.1977
  • Start of currency exchange:
    - 08.01.1977: Start of issuance of the new banknotes and coins
    - Partial confiscation: Per household a maximum of 20'000 Escudos were exchanged, excess cash had to be deposited in a blocked account at the Central Bank
    - 11.01.1977: End of exchange period and demonetization of the former currency.

Valuation Regimes

  • 1977-1990
  • Fixed rate against US Dollar

Rate Arrangements

  • 08.01.1977
  • Fixed
  • US Dollar at 1 : 29.918
  • ±0.0%


Time Period: 1990-1995

Currency: 2nd Angolan (New) Kwanza


Timeline

  • 22.09.1990
  • Laws [No. 12/90] on the currency reform, [No. 13/90] on the currency exchange; effective 25.09.1990
  • 25.09.1990
  • Start of currency exchange:
    - 25.09.1990: Start of issuance of overprinted banknotes (the subsidiary coins remained in circulation)
    - Partial confiscation: Only 5% of the amounts presented were exchanged into new banknotes, excess cash was converted into a 3-year government bond
    - 29.09.1990: End of exchange period and demonetization of the former currency.
    - 08.06.1991: Start of issuance new banknotes (by law [No. 20/91] of that day)
    - 29.01.1993: Demonetization of the overprinted banknotes of 1990 (by announcement [No. 3/93] of that day)

Valuation Regimes

  • 1990-1993
  • Fixed rate against US Dollar
  • 1993-1995
  • Variable rate, highly inflationary

Rate Arrangements

  • 25.09.1990
  • Fixed
  • US Dollar at 1 : 29.918
  • ±0.0%
  • 15.03.1991
  • Fixed
  • US Dollar at 1 : 59.24
  • -49.5%
  • 18.11.1991
  • Fixed
  • US Dollar at 1 : 90
  • -34.2%
  • 30.12.1991
  • Fixed
  • US Dollar at 1 : 180
  • -50.0%
  • 15.04.1992
  • Fixed
  • US Dollar at 1 : 550
  • -67.3%
  • 01.03.1993
  • Variable
  • initially: US Dollar at 1 : 7'500
  • -92.7%


Time Period: 1995-1999

Currency: 3rd Angolan (Adjusted) Kwanza


Timeline

  • 23.06.1995
  • Laws [No. 4/95, 5/95] on the currency reform; effective 03.07.1995
  • 03.07.1995
  • Start of currency exchange:
    - 03.07.1995: Start of issuance of the new banknotes (the old banknotes remained in circulation)
    - 31.12.1995: Demonetization (nominal) of the former currency.

Valuation Regimes

  • 1995-1999
  • Variable rate, highly inflationary

Rate Arrangements

  • 01.07.1995
  • Variable
  • initially: US Dollar at 1 : 2'200
  • ±0.0%


Time Period: 1999-

Currency: 4th Angolan Kwanza


Timeline

  • 12.11.1999
  • Law [No. 11/99] on the currency reform; effective 01.12.1999
  • 01.12.1999
  • Start of currency exchange:
    - 01.12.1999: Start of issuance of the new banknotes and coins
    - 31.03.2000: Demonetization of the former currency.

Valuation Regimes

  • 1999-
  • Variable rate

Rate Arrangements

  • 01.12.1999
  • Variable
  • initially: US Dollar at 1 : 5.51
  • -2.5%


End-year Forex Rates (Units per US Dollar)