Taiwanese Dollar

The New Taiwan Dollar was initially issued by the Bank of Taiwan as the official currency of Taiwan. It has replaced the old Taiwan dollar and is now being issued by the Central Bank of China. This is often called Yuan which can be written in two ways. It is usually termed as Kuai, meaning a piece of money or “kho” meaning a piece of circle.

Like any dollar currency, the New Taiwan Dollar is subdivided to 100 cents. The symbol used for this is NT$, NTD and NT. Coins are manufactured by Central Mint of China while the paper bills are printed by China Engraving and Printer Works – both of course licensed by the Central Bank of China.

Paper Bills have five faces. First is the NT$100, red paper bill with Mei flower and the image of Chung Shan Building which was first issued on 2001. NT$200 is the green bill with orchid and the picture of the Office of the President which was issued January 2002. Third is the brown or dark brown NT$500 with bamboo design and image of Formosan Sika Deer and Dabajian Mountain, issued in the years 2000 and 2005. NT$1000 is the blue bill with chrysanthemum and image of Mikado Pheasant and Jade Mountain, issued 2000 and 2005. Lastly, NT$2000 the purple NTD which has the image of Pine and features Formosan landlocked salmon and Nanhu Mountain issued last 2002.The NT$200 and NT$2000 are the paper bills which are rarely used because these are the latest issued bills. People are not yet used to it in addition to the fact that NT$2000 is a very big amount of money to carry everyday.

Currently, New Taiwan Dollar is equivalent to .03 USD. It is continuously improving. The country itself, Taiwan, is one of the “Four Asian Tigers” in the World Market. The country unknowingly is the main manufacturer of integrated circuits that are mainly used in gadget manufacturing such as mobile phones and laptop computers. People in Taiwan are highly technical which made for a great contribution to the country’s progress.

They made Taiwan the main and one of the best contributors in the global market through Technological Innovations. In fact, in the year 2008-2009, Taiwan ranked 17th in Growth Competitiveness Index of the World Economic Forum’s Global Competitiveness Report. Economists foresee the country to be the third in Asia’s list of Competitive countries in the next two more years. This will surely give way to a stronger new Taiwan Dollar.

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