The Taiwan New Dollar (TWD) is the official currency of Taiwan.

The currency code for the Taiwan New Dollar is TWD, and the symbol commonly used is “NT$” or “元“.

The Central Bank of the Republic of China (Taiwan), also known as the Central Bank of Taiwan, is responsible for issuing and managing the nation’s money supply, as well as setting and implementing monetary policy.

History of the Taiwan New Dollar

The Taiwan New Dollar was introduced on June 15, 1949, to replace the Old Taiwan Dollar at a ratio of 1 New Dollar to 40,000 Old Dollars.

This currency reform was necessary due to hyperinflation caused by the Chinese Civil War.

Initially, the New Taiwan Dollar was pegged to the US Dollar; however, in 1979, Taiwan shifted to a floating exchange rate system.

Denominations and Subdivisions

The Taiwan New Dollar is divided into 100 smaller units called cents, also known as “jiao” (角) in Mandarin Chinese.

Coins are issued in denominations of 1, 5, 10, 20, and 50 New Dollars, and 50 cents.

Banknotes are available in denominations of 100, 200, 500, 1,000, and 2,000 New Dollars.

The designs on Taiwan New Dollar coins and banknotes often depict historical figures, cultural symbols, and landmarks, reflecting the nation’s history and heritage.

Exchange Rates and Economy

Taiwan has a strong and dynamic economy, driven primarily by its export-oriented manufacturing and technology sectors.

The country has a reputation for producing high-quality electronics, machinery, and petrochemical products. As a result, the Taiwan New Dollar has remained relatively stable in recent years.

The Central Bank of Taiwan closely monitors the currency’s exchange rate to maintain stability and minimize fluctuations against major international currencies, such as the US Dollar, the Euro, and the Japanese Yen.

Summary

The Taiwan New Dollar is the official currency of Taiwan, managed by the Central Bank of Taiwan.

Introduced in 1949 to replace the Old Taiwan Dollar, the currency has remained relatively stable due to the country’s strong economy and export-oriented industries.

The Taiwan New Dollar is subdivided into 100 cents, with coins and banknotes issued in various denominations.

The Central Bank of Taiwan monitors the currency’s exchange rate to maintain stability against major international currencies.