Taiwan New Dollar (TWD)
19 hours agoThe Taiwan New Dollar (TWD) serves as the official currency of Taiwan. The currency code for the Taiwan New Dollar is TWD, and it is commonly represented by the symbol “NT$” or “元“.
The Central Bank of the Republic of China (Taiwan), also referred to as the Central Bank of Taiwan, is tasked with issuing and managing the country's money supply, as well as establishing and executing monetary policy.
The Taiwan New Dollar was launched on June 15, 1949, to replace the Old Taiwan Dollar at a conversion rate of 1 New Dollar for every 40,000 Old Dollars. This currency reform was essential due to the hyperinflation that arose from the Chinese Civil War.
Initially, the New Taiwan Dollar was pegged to the US Dollar; however, in 1979, Taiwan transitioned to a floating exchange rate system.
The Taiwan New Dollar is divided into 100 smaller units known as cents, or “jiao” (角) in Mandarin Chinese. Coins are available in denominations of 1, 5, 10, 20, and 50 New Dollars, as well as 50 cents. Banknotes can be found in denominations of 100, 200, 500, 1,000, and 2,000 New Dollars.
The designs featured on Taiwan New Dollar coins and banknotes often showcase historical figures, cultural symbols, and landmarks, reflecting the nation’s rich history and heritage.
Taiwan boasts a robust and dynamic economy, primarily driven by its export-oriented manufacturing and technology sectors. The country is well-known for producing high-quality electronics, machinery, and petrochemical products. Consequently, the Taiwan New Dollar has maintained relative stability in recent years.
The Central Bank of Taiwan closely monitors the currency’s exchange rate to ensure stability and minimize fluctuations against major international currencies, including the US Dollar, the Euro, and the Japanese Yen.
The Taiwan New Dollar is the official currency of Taiwan, overseen by the Central Bank of Taiwan. Introduced in 1949 to replace the Old Taiwan Dollar, the currency has remained relatively stable due to the strength of the country's economy and its 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 actively monitors the currency’s exchange rate to maintain stability against major international currencies.
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