Wed, May 08, 2002 page17

• Public questions large bank note

  • By Annabel Lue / STAFF REPORTER
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  With Taiwan set to issue its first-ever NT$2,000 bank note on July 1, consumers gave the new currency the thumbs down yesterday.

  "I don't understand why we need NT$2,000 bills ? it's will be very inconvenient to use such large denominations," said Chen Huei-li (陳惠麗), 43, mother of three.

  Sometimes even the NT$1,000 note is too large and she has to exchange it into small notes before using it, she said.

  

  After introducing the new NT$2,000 bill, a central bank representative outlines the sophisticated security measures on the new bill, including watermarks, a metallic thread and optical lines.

  PHOTO: GEORGE TSORNG, TAIPEI TIMES

  "I object to this new measure ? there are already too many different bills in circulation," said Chen Tsai-yin (陳彩銀), 53, owner of a jewelry store in Taipei's Szu-ping Street market.

  Few big spenders want to carry around wads of cash and most customers preferring to pay by credit card rather than by cash, Chen said.

  "Therefore I say the NT$2,000 bank note is not necessary," he said.

  The central bank unveiled a new NT$2,000 bank note yesterday, saying that starting from July 1, banks across the nation will be issued the new currency.

  Chang Fu-kuo (張復國), a chief official at the central bank said the new bank note is for the convenience of consumers.

  "We want to offer more currency options to the public," Chang said.

  In contrast, several retail-outlet operators said the new bill is actually an "inconvenience."

  "This means I have to prepare more cash to make change for customers," said Tsai Meng-hung (蔡孟宏), 30, a cashier at Wellcome supermarket (頂好超市).

  Many consumers come to supermarkets or convenience stores not to buy products, but to get change for their NT$1,000 bills, he said. "Sometimes they use an NT$1,000 bill to pay for an NT$18 pack of chewing gum or an NT$20 soft drink," Tsai said.

  Making change is also a task many Taipei taxi drivers prefer not to engage in.

  "The difficulty of exchanging the NT$1,000 bill is already a headache, and now how am I supposed to deal with the NT$2,000 bills?" said Huang Chen-chung (黃振忠), 38, a Taipei taxi driver.

  Huang said he may not accept the new bills at all.

  "I may just put a sign in my car window telling passengers I don't accept NT$2,000 bill," he said.

  And counterfeit currency has been a lingering problem in Taiwan.

  "I have already lost money after receiving fake NT$1,000 bills, and after July I might lose more from the fake NT$2,000 notes," Huang said.

  In response to the public's fear over bogus bank notes, the government has included several advanced security features on all the new bills.

  "By checking the watermarks, metallic thread and optical lines, the public can easily tell the difference between genuine and fake bills," Chang said.

  Chang vowed that the new bills were only rivaled by the euro for their anti-counterfeit measures.
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