The New Taiwan dollar (TWD)
The New Taiwan dollar is the official currency of Taiwan.The New Taiwan dollar has been the currency of Taiwan since 1949, when it replaced the Old Taiwan dollar, at a rate of 40,000 old dollars per one new dollar.
The basic unit of the New Taiwan dollar is called a yuan and is subdivided into ten jiao, and into 100 fen or cents, although in practice fen are never actually used.
There are a variety of alternative names to the units in Taiwan.
The central bank of Taiwan has issued the New Taiwan Dollar since 2000.
Prior to 2000, the Bank of Taiwan issued banknotes as the de facto central bank between 1949 and 1961, and after 1961 continued to issue banknotes as a delegate of the central bank.
The central bank began issuing New Taiwan dollar banknotes in July 2000, and the notes issued by the Bank of Taiwan were taken out of circulation.
Note: The information in this site is for general guidance only. Users of this site are advised to take professional advice before taking practical tax decisions.
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