Regulatory Alerts2020-07-09
Notice No. 16/2020 of July 10
The National Bank of Angola issued Notice No. 16/2020 to establish the phased introduction schedule for the new "Series 2020" Kwanza banknotes and the corresponding withdrawal timeline for the existing "Series 2012" notes. The notice mandates that new denominations ranging from Kz 200 to Kz 5,000 enter circulation between July 30, 2020, and January 2021, while the older series retains legal tender status until December 31, 2021. Following this date, the Series 2012 notes cease legal tender status but remain exchangeable at bank branches and commercial banks through December 31, 2026, with all exchange operations conducted free of charge.
PUBLISHED IN THE OFFICIAL GAZETTE, FIRST SERIES, NO. 102, OF JULY 10 NOTICE NO. 16/2020 SUBJECT: MONETARY CIRCULATION
- New Family of the Kwanza "Series 2020" Whereas Law No. 7/20 of March 30 authorizes the National Bank of Angola to issue and put into circulation a new Series of Kwanza banknotes, designated "Series 2020", it is necessary to establish the schedule for introducing the "Series 2020" notes and withdrawing the "Series 2012" notes from circulation; In exercise of the powers conferred upon me by the combined provisions of Articles 10 and 51, both of Law No. 16/10 of July 15 - National Bank of Angola Act. I HEREBY DETERMINE:
Article 1. (Subject Matter) This Notice aims to establish the schedule for introducing the "Series 2020" notes and withdrawing the "Series 2012" notes from circulation.
Article 2. (Schedule for the Introduction of "Series 2020" Notes)
- During the transition period, the notes of the new Kwanza family will be progressively introduced according to the schedule set out in the following paragraphs of this article, and the notes of the old family will be withdrawn from circulation as provided in Article 3 of this Notice.
- The notes of the new Kwanza family will be introduced from the following dates:
CONTINUATION OF NOTICE NO. 16/2020 Page 2 of 3 a) Kz 200 - July 30, 2020 b) Kz 500 - September 17, 2020 c) Kz 1,000 - October 1, 2020 d) Kz 2,000 - November 11, 2020 e) Kz 5,000 - January 2021 3. The Kz 10,000 (Ten Thousand Kwanzas) notes will only be issued under conditions to be defined by the National Bank of Angola, which must publish specific regulations at least 30 days in advance regarding the release of these notes into circulation.
Article 3. (Schedule for the Withdrawal of "Series 2012" Notes from Circulation)
- The "Series 2012" notes will remain in circulation alongside the "Series 2020" notes until December 31, 2021.
- From January 1, 2022, the "Series 2012" notes cease to have legal tender status and discharge power, thereby ending the obligation to accept them as a means of payment or settlement for any monetary obligations, and they will be withdrawn from circulation.
- From January 1 to June 30, 2022, the "Series 2012" notes may be deposited into bank accounts at any commercial bank.
- From July 1, 2022 to December 31, 2026, the "Series 2012" notes will be accepted for exchange at the Headquarters and Regional Branches of the National Bank of Angola, as well as at commercial banks authorized for this purpose by the National Bank of Angola.
- The National Bank of Angola will publish on its institutional portal the list of commercial banks referred to in the preceding article by July 1, 2022.
CONTINUATION OF NOTICE NO. 16/2020 Page 3 of 3 Article 4. (Free of Charge) The note exchange operations referred to in this Notice are free of charge.
Article 5. (Repealing Provision) All provisions contrary to this Notice are hereby repealed, notably Notice No. 04/2015 of April 20.
Article 6. (Entry into Force) This Notice enters into force the day following its publication. PUBLISH. Luanda, July 6, 2020. THE GOVERNOR JOSÉ DE LIMA MASSANO