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Economy, Currency and Banking

state treasury, civil unrest, foreign banks, central bank, stake

The basic unit of currency is the new kwanza (10 new kwanza equal U.S.$1; 2000 average). The new kwanza replaced the kwanza in 1990 and was continually devalued in the 1990s as the Angolan economy suffered from civil unrest. The National Bank of Angola is the central bank and bank of issue and functions as the state treasury. All commercial and foreign banks were nationalized in 1975; however in 1991 the government gradually began reducing its stake in them.



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state treasury, civil unrest, foreign banks, central bank, stake, government, average, functions

 
 

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