AON (Angolan Novo Kwanza)

DEFINITION of 'AON (Angolan Novo Kwanza)'

The currency abbreviation, or currency symbol, for the Angolan Novo kwanza (AON), the second currency for Angola. The Angolan novo kwanza was used as the primary currency from 1990 to 1995 and had no sub unit.

BREAKING DOWN 'AON (Angolan Novo Kwanza)'

The Angolan novo Kwanza replaced the first kwanza (AOK) in 1990 at par. Although you would receive one novo kwanza for one old kwanza there was a restriction which only allowed conversion of 5% of old notes for new. The remaining old notes would need to be converted to government securities. Another name for the currency is the Angolan new kwanza.

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