Currency to change, but consumers feel totally uninformed

With the launch of the new NT$2,000 banknote on July 1, the Central Bank of China (央行) will simultaneously invalidate several old versions of New-Taiwan-dollar bills and coins. Older versions of NT$50 coins will also be discontinued.

The trashing of older bills is part of a plan by the central bank to circulate the newer, more counterfeit-proof cash.

Denominations to be axed include older versions of the NT$1,000, NT$500, NT$100 and NT$50 banknotes.

The public can expect retail outlets to begin refusing to accept the outdated bills as of next Monday. Consumers should also in turn not accept the old cash as change -- unless they want to make a trip to the bank.

All local banks have promised -- according to the central bank -- to accept the old bills for the next six months and after that the state-run Bank of Taiwan (台灣銀行) will accept the old bills.

The bank has already taken most of the extinct money out of circulation.

"To reduce public inconvenience, over 90 percent of the old NT$1,000 banknotes have already been retrieved by the central bank," head of the bank's currency department, Chang Der-hang (張德漢), said last week.

While local Chinese-language media have had some coverage of the issue, many remain unaware of the pending change.

"It's news to me. The government has done a poor job of getting the word out," said Allan Tilley, a 13-year resident of Taipei.

"I know nothing about the new policy. I guess there'll be some inconvenience," a 19-year-old student surnamed Wang said.

A bank official claimed yesterday that the bank has been advertising the changes via newspapers, radio and TV commercials to well inform the public that their old bills can be exchanged into new ones at all banks between July 1 and Dec. 30. The Bank of Taiwan will continue to accept old currency next year, the official said.

Retailers are expecting problems since their staff may have to spend additional time going to banks to exchange old bills for the new currencies.

"The boss has therefore, decided not to take old bills from customers beginning on July 1," a clerk at a Japanese noodle store said.

The shop posted a written notice informing its customers that no invalid bills will be accepted after July 1.

Next door, a baker said he would continue to take the old money since "banks will help exchange the invalid bills anyway."