NT$

The New Taiwan dollar is the official currency of Taiwan. Since 1949, when the New Taiwan dollar supplanted the Old Taiwan dollar as the national currency, it has been the only legal tender in Taiwan. The New Taiwan dollar's fundamental unit, known as a yuan, is divided into ten jiao and one hundred fen, or cents, however in actuality neither jiao nor fen are ever utilized. There are a variety of alternative names to the units in Taiwan. Except when writing it for legally binding transactions, like at the bank, the unit of currency is often represented informally with the simpler corresponding character of Yuan. The currency unit is also known as the Yuan or Kuai in Mandarin, the Gu in Hokkien, and the Yin in Hakka. The central bank of Taiwan has issued the New Taiwan Dollar since 2000. Between 1949 and 1961, the Bank of Taiwan issued banknotes as the de facto central bank, and after 1961, it continued to do so as a representative of the central bank. This practice continued into 2000. In July 2000, the Bank of Taiwan's banknotes were replaced by New Taiwan dollar banknotes, which the central bank started issuing.