Convert USA Dollar (USD) to New Taiwan Dollar (TWD)

The New Taiwan dollar (currency code TWD and common abbreviation NT$), or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China (ROC) since 1949. Originally issued by the Bank of Taiwan, it has been issued by the Central Bank of the Republic of China since 2000. To compare the price of New Taiwan Dollar (TWD) to other currencies you can use the following currency converter.

Example of New Taiwan Dollar (TWD)

Banknotes of New Taiwan Dollar (TWD)

Note that the $200 and $2000 banknotes are not commonly used. The exact reason is yet unknown. One plausible explanation is that these two denominations are new and it takes time for the people to get used to. Another likely cause is the lack of promotion from the government. For the $2000 banknotes, it might be that the level of consumption has not reached high enough levels to justify carrying banknotes of such value, especially since transactions of larger amounts are widely made through debit or credit cards.

It is relatively easy for the government to disseminate these denominations through various government bodies that do official business with the citizens, such as the post office, the tax authority, or state owned banks. There is also a conspiracy theory against the Democratic Progressive Party, the ruling party at the time the two denominations were issued. The conspiracy states that putting Chiang Kai-shek on a rarely used banknote would "practically" remove him from the currency, while "nominally" including him on the currency would not upset supporters on the other side of the political spectrum that much (the Pan-Blue Coalition).

Economy of Taiwan

Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by the Republic of China (ROC) government which governs Taiwan. In keeping with this trend, most large government-owned banks and industrial firms have been privatized. Real growth in GDP has averaged about 8% during the past three decades.

Exports have grown even faster and since World War II, have provided the primary impetus for industrialization. Inflation and unemployment are low; the trade surplus is substantial; and foreign reserves are the world's fourth largest. Agriculture contributes 3% to GDP, down from 35% in 1952, and the service sector makes up 73% of the economy. Traditional labor-intensive industries are steadily being moved off-shore and replaced with more capital- and technology-intensive industries, as well as creative industries.

Taiwan is a member of the Asian Development Bank (ADB), the World Trade Organization (WTO), and the Asia-Pacific Economic Cooperation (APEC) forum. Taiwan is also an observer at the Organisation for Economic Co-operation and Development (OECD). Taiwan's top five trade partners are China, USA, Hong Kong, Japan and Singapore.