New Taiwan dollar

1 EUR = 42.022 TWD 100 TWD = 2.3797 EUR

1 CHF = 34.438 TWD 100 TWD = 2.9037 CHF

The New Taiwan Dollar (Chinese新台币/新台币, Pinyin Xin Taibi, ISO 4217 Code TWD, also common NTD or NT $ ), or simply Taiwan dollar is the currency of the Republic of China on Taiwan. It is published by the Central Bank.

In Chinese, the basic unit of Taiwan dollars (as well as the renminbi yuan in the People's Republic of China) Yuan (Chinese圆, pinyin yuán, round coin ', often alternatively Chinese元) is written and colloquially Kuai (Chinese块, Pinyin Kuai, piece ') called. Subunits of the yuan officially exist, and that is (as in China) one yuan = 10 jiao (角Chinese, Pinyin jiǎo ) = 100 Fen (分Chinese, Pinyin fēn, nor cents). Colloquially is common for Jiao Mao (毛Chinese, Pinyin MAO). As a coin is only the relatively rare 5 - Mao coin = 50 cents with the inscription伍角Chinese, Pinyin wǔ jiǎo, five Jiao ' in circulation.

Coins are 50 cents, 1, 5, 10, 20 and 50 Taiwan dollars, or bank notes 100, 200, 500, 1000 and 2000 dollars. The notes will be gradually provided with new security features, until April 2007, these were 200 -, 500 -, 1000 - and 2000 -dollar bills. The 200 - and 2000 - dollar bills are unpopular because of the Chinese superstition ( numerology ) and therefore rarely found in circulation. The coins of 50 cents and 20 Taiwan dollars are also relatively rare.

The Taiwan dollar is convertible only in the domestic foreign exchange market. The rates to the U.S. dollar, the Euro and other foreign currencies shall be determined by the trade between commercial banks. For large fluctuations, the central bank intervenes by buying or selling. The legal exchange is only possible when the exchange offices at airports and certain banks.

History

After the defeat of China in the First Sino-Japanese War, the island of Taiwan was from 1895 to 1945 under Japanese influence. After the defeat of Japan in World War II, the Republic of China led the (old ) Taiwan Dollar as a " temporary " currency. Taiwanese yen were exchanged at a 1:1 ratio in Taiwan dollars. As a result of hyperinflation in the second half of the 1940s the New Taiwan Dollar was introduced in 1949. Old Taiwan dollars have been exchanged in the ratio 40,000:1 in New Taiwan dollars.