The official currency of Taiwan is known as the New Taiwan Dollar (NTD), which is also commonly referred to as the Taiwan Dollar. The NTD was introduced in 1949 to replace the Old Taiwan Dollar, which had been in circulation since 1946.
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One New Taiwan Dollar is divided into 100 cents, and there are currently six different denominations of NTD coins in circulation, ranging from 1 cent to 50 cents, as well as six different denominations of banknotes, ranging from 100 NTD to 2000 NTD.
The exchange rate of the NTD to other currencies can fluctuate, and it is typically influenced by economic and political factors. As of September 2021, one US dollar is equivalent to approximately 28 NTD.
The NTD is widely used in Taiwan for everyday transactions, from buying groceries to paying rent. It is also accepted in some neighboring countries, such as Japan and Hong Kong, although it may not be as widely accepted as other major currencies like the US dollar or the euro.
Overall, the New Taiwan Dollar has become an integral part of Taiwan's economy and daily life, and its value and stability are closely monitored by the government and financial institutions.
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