Considering that most countries issue more than five denominations of banknotes, the central bank has decided to redesign all five denominations, the bank said as it prepares for the first major overhaul of the banknotes in more than 24 years.
Central bank Governor Yang Chin-lung (楊金龍) is expected to report to the Legislative Yuan today on the bank’s operations and the redesign’s progress.
The bank in a report sent to the legislature ahead of today’s meeting said it had commissioned a survey on the public’s preferences.
Photo: Taipei Times
Survey results showed that NT$100 and NT$1,000 banknotes are the most commonly used, while NT$200 and NT$2,000 notes circulate the least, it said.
The central bank would continue to print NT$200 and NT$2,000 notes, the report said, citing advantages in cost efficiency and environmental impact.
The redesign is an opportunity to promote broader use of those denominations, it said, adding that it was aiming for more balanced circulation across all five banknotes.
After the public selects a theme, the design would be reviewed by experts and have to be approved by the Executive Yuan before prototypes are produced for testing, the bank said.
Materials, such as ink and paper, would have to meet international standards, and suppliers would be selected through a bidding process and be subject to review, it said.
The redesign is expected to take more than two years, it said, adding that to expedite the process, procurement and design work would be carried out simultaneously.
New anti-counterfeiting features would require adjustments to existing production methods and equipment, posing additional challenges for large-scale manufacturing, the bank said.
Before the new notes enter circulation, the bank would coordinate upgrades and adjustments to ATM systems, a process expected to take up to six months, it added.
The current edition of bank notes, the fifth set to be printed, began circulation in July 2000. The revision had changed the direction of writing on the banknotes to align more closely with Western standards.
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