Redesign of least counterfeited New Taiwan Dollar bills too costly: Central Bank

Introducing new counterfeit-proof currency would cost nation NT$50 billion, says Perng Fai-nan

Taiwan News
Date: 2017/03/03
By: Judy Lin,Taiwan News, Staff Writer

Taipei (Taiwan News)—Revamping New Taiwan Dollar bills, one of the world’s least counterfeited

New bills
Central Bank of China issues new notes for people to trade their old ones at Bank of Taiwan, Hua Nan Commercial Bank, Taiwan Business Bank and other (By Central News Agency)

currencies, would take six years and cost taxpayers NT$50 billion (US$1.61 billion), said Perng Fai-nan (彭淮南), the central bank’s governor.

Perng was responding to ruling Democratic Progressing Party (DPP) lawmakers Gao Jyh-peng (高志鵬), and Kuomintang legislators Lin Te-fu (林德福) and Luo Ming-tsai (羅明才), inquiry of whether the bank intended to revamp the nation’s currency at a meeting Thursday.

“There is no urgency to revise the currency design, at least the possibility will be slim during my term as central bank governor,” said Perng.

The New Taiwan Dollar (NTD) design has excellent counterfeit-proof functions and designs, making it one of the least counterfeited currencies in the world.   [FULL  STORY]

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