AOA to MXN

AOA - Angolan Kwanza (Kz)

Angolan Kwanza

The Angolan Kwanza (AOA) is the currency currently used in Angola. The Kwanza was introduced in 1999, replacing the "Kwanza Reajustado" (AOK).  AOA is subdivided into coin denominations of 100 centimos, and is denoted by the symbol Kz.

The Angolan Kwanza is the currency in Angola (AO, AGO). The symbol for AOA can be written Kz. The Angolan Kwanza is divided into 100 lwei. The exchange rate for the Angolan Kwanza was last updated on May 24, 2019 from Yahoo Finance. The AOA conversion factor has 5 significant digits.

Economy

• Angola is rated as one of the fastest-growing economies in the world.
• The Angolan GDP in 2010 had an average growth of 11.1%.
• The country’s main resources are gas, oil, agriculture, and diamonds.
• There is mismanagement and corruption in the oil industry, which prevents the economy from growing at a faster rate.
• Angola imports vehicles, food, medicine, electrical equipment, machinery, and military goods.
• Export goods are mainly petroleum, crude oil, fish, coffee, diamonds, cotton, and timber.
• The current inflation rate is 13.1%.
• A third of Angola’s population is reliant on agriculture. Although the country is showing substantial growth, it still has a great deal of poverty, due to the civil war that waged from the 1975 to 2002.

History

• From 1977 to 1990, the Kwanza (AOK) was in circulation at a rate of 1 Kwanza = 1 Escudo.
• In 1990, the Novo Kwanza (AON) was introduced at a rate of 1 Novo Kwanza = 1 Kwanza.
• From 1995 to 1999, the Kwanza Rejustado (AOR) was in circulation. 1 Kwanza Reajustado = 1,000 Novo Kwanzas.
• Since 1999, the new Kwanza (AOA) has been in circulation. 1 Kwanza = 1,000,000 Kwanza Reajustado. The 50 and 10 centimo denominations are no longer in circulation.

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MXN - Mexican Peso (Mex$)

The Mexican peso is the currency of Mexico. Its currency code is MXN and its symbol is $. To distinguish it from other currencies using the $ symbol, the peso is sometimes written as M$, MX$, or MEX$. The symbol MXN replaced the former symbol, MXP. The peso has a conversion factor of 6 significant digits, and is fiat currency. The most popular peso exchange is with the US dollar.

The Mexican Peso was initially based on Spain’s official currency, which is the silver dollar. The Mexican name originated from the 8-real coins that were issued by Spain for Mexico, which were cast from pure silver. It was the first currency to use a discrete border and accurate weight to guard against counterfeits, which made it very popular.

The Mexican Peso is the currency in Mexico (MX, MEX). The symbol for MXN can be written Mex$. The Mexican Peso is divided into 100 centavos. The exchange rate for the Mexican Peso was last updated on Today from The International Monetary Fund. The MXN conversion factor has 6 significant digits.

Economy

• The Mexican economy is supported by the private sector. And its economy was based on manufacturing, though agricultural sector went down, it was still considered the source of employment.
• The Mexican economy went from a deep transformation since 1980s, which is a result of economic laissez-faire and becoming a member of the North American Free-Trade Agreement.
• In 2003, mining reached a GDP of 1.4%, yet it devalues the significance of oil production in the economy. Oil exports symbolized 11.3% of the entire export earning of the country.

History

• In the late 18th century, the Mexican Peso was used as a benchmark for all North American countries. On July 6, 1785, the US Dollar was valued at a rate comparable to the Peso, and was widely used as currency in the United States well after USD bills were introduced.
• After gaining independence from Spain in 1821, Mexico continued to use the Peso as its currency.
• In 1863, the first centavo coins were issued; a centavo was one-hundredth of a Peso. Another series of 1 peso coins was issued the following year until 1897.
• In 1905, the value of golden Peso was reduced to 49.3%, but the silver Peso remained unchanged.
• After the Oil Crisis of the 1970s, Mexico faced many years of inflation and debt defaults, leading to the replacement of the currency with the Nuevo Peso. The Nuevo Peso was valued at 1000 Mexican Pesos.

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