New Taiwan Dollar

Overview

Economy

• Taiwan is a member of APEC, WTO (as Chinese Taipei).
• Main industries include: Electronics, Chemicals, Textiles, Iron and steel, Machinery, Cement, Food processing, Vehicles, Consumer products, Pharmaceuticals.
• Imports are oil/petroleum, semiconductors, natural gas, coal, steel, computers, wireless communication equipment, automobiles, fine chemicals, textiles.
• Major exports include semiconductors, petrochemicals, automobile/auto parts, ships, wireless communication equipment, flat displays, steel, electronics, plastics, computers.
• GDP: $790.7 billion (2023 est.).
• GDP per capita: $33,402 (2023 est.).
• Unemployment rate: 3.7% (2023 est.).
• Inflation rate: 2.5% (2023 est.).
• Main trading partners: China, United States, Japan, South Korea, Singapore, Malaysia.
• Trade agreements: Various bilateral agreements under different names.

History

• Previous currencies used: Old Taiwan dollar, Japanese yen (1895-1945), Chinese yuan.
• The New Taiwan dollar was introduced in 1949, replacing the old Taiwan dollar at 40,000:1. It has been relatively stable and reflects Taiwan's economic development.
• 1949: New Taiwan dollar introduced
• 1961: Foreign exchange reform
• 1978: Central Bank re-established
• 1987: Martial law lifted, economic liberalization
• 1989: Foreign exchange liberalization
• 2000s: Technology sector boom
• Exchange rate peg: Managed float against USD with heavy intervention.

General Information

• ISO 4217 Code: TWD
• Symbols: TWD/$
• Currency Subunits: 100 cents
• Central Bank: Central Bank of the Republic of China (Taiwan)
• Monetary Policy: Managed floating exchange rate with inflation targeting. Focus on price stability and supporting export competitiveness.
• Bills: 100 TWD, 200 TWD, 500 TWD, 1000 TWD, 2000 TWD
• Coins: 50 cents, 1 dollar, 5 dollars, 10 dollars, 20 dollars, 50 dollars
• USD Exchange Rate: Variable (approximately 31-32 TWD per USD)
• Pegged To: None (Floating)
• Capital: Taipei
• Population: 23,588,932 (2023 est.)
• Area: 35,980 km²
• Languages: Mandarin Chinese (official), Taiwanese (Min Nan), Hakka dialects
• Time Zones: UTC+8 (Taipei Standard Time)
• Government Type: Semi-presidential republic
• Head of Government: President (head of state), Premier (head of government)
• Independence: Disputed sovereignty status
• Ethnic Groups: Han Chinese 95%, Indigenous 2%, Other 3%
• Religions: Buddhist 35.3%, Taoist 33.2%, Christian 3.9%, Taoist or Confucian folk religion 10%, None or unspecified 18.2%
• Literacy Rate: 98.5% (2014 est.)
• Transport: Taoyuan International Airport, high-speed rail, excellent road network, major ports (Kaohsiung, Keelung)
• Communications: Advanced telecommunications, 91% internet penetration, widespread 5G coverage
• Energy: Coal 45%, Natural gas 36%, Nuclear 8%, Renewables 6%, Oil 5%
• Countries Using This Currency: Taiwan
• Data Sources: Central Bank: Central Bank of the Republic of China (Taiwan) (cbc.gov.tw), Economic Data: Directorate-General of Budget, Accounting and Statistics, World Bank estimates, Trade Data: Bureau of Foreign Trade, Demographic Data: National Development Council, Geographic Data: Central Weather Bureau, Historical Data: Central Bank archives
• Last Updated: 2025