Currency redesign likely cheaper than speculated

TRANSITIONAL JUSTICE: Removing Chiang Kai-shek’s likeness from the nation’s currency would likely cost only a fraction of a NT$50 billion figure opponents have cited

Taipei Times
Date: Dec 27, 2018
By: Chen Yu-fu and William Hetherington  /  Staff reporter, with staff writer

The cost of replacing currency bearing the likeness of Chiang Kai-shek (蔣介石)

A NT$200 banknote and coins bearing the likeness of Chiang Kai-shek are displayed in Taipei yesterday.  Photo: Chen Yu-fu, Taipei Times

would not reach NT$50 billion (US$1.62 billion) as rumored, but likely about one-10th that figure, a source said yesterday.

The Transitional Justice Commission last week sent a letter to the central bank asking for financial documents related to currency redesigns in 2000 and 2005, which could be used to verify if changing currency featuring Chiang would be too costly.

The currency redesign in 2000 cost the central bank NT$4.894 billion, a source close to the commission said, citing documents released by the central bank after the issue was raised by New Power Party Legislator Hsu Yung-ming (徐永明) on Tuesday last week.

Recalling NT$200 banknotes that feature Chiang’s likeness and redesigning the NT$5 and NT$10 coins would cost significantly less than the NT$50 billion estimate given by critics of the proposal, the source said.    [FULL  STORY]

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