The New Taiwan Dollar (NTD) is the official currency of Taiwan, a self-governing island located in East Asia. It is abbreviated as NT$, and has the symbol "NT$" or simply "$". The New Taiwan Dollar was introduced in 1949 after the Chinese Civil War and replaced the Old Taiwan Dollar.
The New Taiwan Dollar is issued by the Central Bank of the Republic of China, also known as the Taiwan Central Bank. It is subdivided into 100 cents. Coins in circulation include denominations of NT$1, NT$5, NT$10, NT$20, and NT$50, while banknotes are available in NT$100, NT$200, NT$500, NT$1000, and NT$2000 denominations.
The exchange rate of the New Taiwan Dollar is determined by market forces, and its value fluctuates against other currencies such as the US dollar. The NT$ is widely accepted throughout Taiwan in various transactions, including retail purchases, dining, transportation, and tourism.
The New Taiwan Dollar is an integral part of Taiwan's thriving economy, which is known for its high-tech industries, manufacturing, and exports. It plays a fundamental role in facilitating domestic and international trade, contributing to Taiwan's economic growth and development.
Individuals visiting Taiwan as tourists or for business purposes often exchange their home currencies into New Taiwan Dollars to meet their financial needs within the country. As a stable and widely recognized currency, the New Taiwan Dollar is crucial for conducting commercial activities and ensuring the smooth functioning of the Taiwanese economy.
