New taiwan dollar
The New Taiwan Dollar (NTD) is the official currency of Taiwan. Here are some key facts about the NTD:
History: The New Taiwan Dollar was introduced in 1949, replacing the Old Taiwan Dollar at a rate of 40,000:1. The currency was designed to stabilize the economy and reduce inflation.
Denominations: The NTD is issued in the following denominations:
- Coins: 1, 5, 10, 20, and 50 cents, and NT$1, NT$5, and NT$10
- Banknotes: NT$100, NT$200, NT$500, NT$1,000, and NT$2,000
Exchange Rate: The exchange rate of the NTD is floating, meaning it is determined by the foreign exchange market. As of March 2023, the exchange rate is approximately:
- 1 USD = 30.5 NTD
- 1 EUR = 34.5 NTD
- 1 JPY = 27.5 NTD
Economic Significance: The NTD is an important currency in East Asia, particularly in trade with China, Japan, and South Korea. Taiwan is a major manufacturing hub, and the NTD is widely used in international trade.
Inflation: Taiwan has a relatively low inflation rate, averaging around 1-2% per annum. This has helped maintain the purchasing power of the NTD.
Digital Payments: Taiwan has a highly developed digital payment system, with many merchants accepting mobile payments, such as Apple Pay, Google Pay, and Taiwan's own digital payment systems, like PayWave and EasyCard.
Currency Symbol: The currency symbol for the New Taiwan Dollar is NT$ (or TWD).
Overall, the New Taiwan Dollar is a stable and widely accepted currency, playing a significant role in Taiwan's economy and international trade.