Instruct: Given a question, retrieve passages that can help answer the question.
Query: What currency is used in Taiwan?
New Taiwan dollar (; code: TWD; symbol: NT$, also abbreviated as NT) is the official currency of the Republic of China (ROC) used in Taiwan Area. Formally, one dollar () is divided into ten dimes (), and to 100 cents (), although cents are never used in practice. The New Taiwan dollars has been the currency of Taiwan since 1949, when it replaced the Old Taiwan dollar, at a rate of 40,000 old dollars per one new dollar. There are a variety of alternative names to the units in Taiwan. The unit of dollar is usually written in simpler form as . Colloquially, the currency unit usually called (kuài, literally "piece") in Mandarin, (kho͘, literally "hoop") in Taiwanese Hokkien, and (ngiùn, literally "silver") in Hakka.
The dollar (currency code TTD) is the currency of Trinidad and Tobago. It is normally abbreviated with the dollar sign $, or alternatively TT$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents. Its predecessor currencies are the Trinidadian dollar and the Tobagan dollar.
The Malaysian ringgit (; plural: ringgit; symbol: RM; currency code: MYR; formerly the Malaysian dollar) is the currency of Malaysia. It is divided into 100 "sen" ("cents"). The ringgit is issued by the Bank Negara Malaysia.
In some countries, such as Costa Rica and Honduras, the U.S. dollar is commonly accepted, although not officially regarded as legal tender. In Mexico's northern border area and major tourist zones, it is accepted as if it were a second legal currency. Many Canadian merchants close to the border, as well as large stores in big cities and major tourist hotspots in Peru also accept U.S. dollars, though usually at a value that favours the merchant. In Cambodia, U.S. notes circulate freely and are preferred over the Cambodian riel for large purchases, with the riel used for change to break 1 USD. After the U.S. liberation of Afghanistan, U.S. dollars are accepted as if it were legal tender.
The word "ringgit" is an obsolete term for "jagged" in Malay and was originally used to refer to the serrated edges of silver Spanish dollars which circulated widely in the area during the 16th and 17th century Portuguese colonial era. In modern usage "ringgit" is used almost solely for the currency. Due to the common heritage of the three modern currencies, the Singapore dollar and the Brunei dollar are also called "ringgit" in Malay (currencies such as the US and Australian dollars are translated as "dolar"), although nowadays the Singapore dollar is more commonly called "dolar" in Malay. To differentiate between the three currencies, the Malaysian currency is referred to as "Ringgit Malaysia", hence the official abbreviation and currency symbol "RM". Internationally, the ISO 4217 currency code for Malaysian ringgit is "MYR".
The won is the currency of both North and South Korea. "Won" is a cognate of the Chinese currency unit, the yuan (//), and the Japanese currency unit, the yen (; ¥), meaning "round object". The won is subdivided into 100 jeon ().
The dinar (, , ISO 4217 currency code: "TND") is the currency of Tunisia. It is subdivided into 1000 milim or millimes (). The abbreviation "DT" is often used in Tunisia, although writing "dinar" after the amount is also acceptable (TND is less colloquial, and tends to be used more in financial circles); the abbreviation "TD" is also mentioned in a few places, but is less frequently used, given the common use of the French language in Tunisia, and the French derivation of "DT" (i.e., "").
However, the federal Malaysian government in Kuala Lumpur denied that the Kelantanese dinar had a legal-tender status, stating that the buyers had been misled by the Kelantanese government. The only currency that is legal tender in Kelantan is the Malaysian ringgit. According to the Malaysian constitution, ninth schedule, list I sub 7.a, the states of Malaysia do not have the right to issue coins. In fact, the federal government had already declared publicly in 2006, in response to the plan announced by the Kelantanese government and before any of the coins were minted, that state governments could not issue their own currency.
In 1993, the currency symbol "RM" (Ringgit Malaysia) was introduced to replace the use of the dollar sign "$" (or "M$").
Indonesia law No. 7 of 2011 about currency in Indonesia only allows Rupiah as a medium of exchange in Indonesia. The law effectively prohibits the use of commodities such as cryptocurrencies and gold as currencies. Bank Indonesia has emphasized the prohibition on using cryptocurrency assets as a medium of exchange in Indonesia..
In 2016, Tsai Ing-wen of the Democratic Progressive Party (DPP) became President of Taiwan. President Tsai called upon the international community to help Taiwan to preserve its democracy despite the threatening language used against Taiwan by PRC President Xi Jinping. President Tsai called upon the PRC to democratize, respect human rights, and renounce the use of military force against Taiwan.
Fen (), is a unit of currency used in Greater China, including People's Republic of China, Republic of China (Taiwan), One fen is equal to one-hundredth of a yuan or tenth of a Chinese jiao.
Economically, all trading activities were sternly guarded, and the majority of the factories were taken over by the Imperial Japanese. Having deprived the vendors and banks of their possessions, the occupying forces outlawed the Hong Kong Dollar and replaced it with the Japanese Military Yen. The exchange rate was fixed at 2 Hong Kong dollars to one military yen in January 1942. Later, the yen was re-valued at 4 Hong Kong dollars to a yen in July 1942, which meant local people could exchange fewer military notes than before. While the citizens of Hong Kong became poor in forced exchanges, the Imperial Japanese government sold the Hong Kong Dollar to help finance their war-time economy. Later, the yen was made the sole legal tender for official purposes in June 1943. Prices of commodities for sale had to be marked in yen. Hyper-inflation then disrupted the economy, directly affecting Hong Kong citizens. Enormous devaluation of the Imperial Japanese Military Yen after the war made it almost worthless.
The PRC media does not use the terms ""President of Taiwan"" nor ""President of the Republic of China"", which could be inferred as implying recognition of Taiwan as a country, or of Two Chinas. Hence, the term ""Leader of the Taiwan Area"" is used- with "Area" to show that Taiwan is not a country; while "Leader" does not equal "President". According to criteria set by the authorities in Beijing, media in mainland China generally are not allowed to use terms related to the Republic of China to describe the Taiwan authorities. But if the official title cannot be avoided in a news article, quotation marks would be used around terms for all official ROC positions and organisations, e.g. "President of the Republic of China"; "Presidential Office Building" to imply non-recognition.
The Netherlands Antillean guilder will continue to circulate and plans to implement the Caribbean guilder will not be finalized until the islands' Central Bank situation is resolved. The new currency will be abbreviated CMg (for Curacao, Sint Maarten guilder) and would be pegged to the United States dollar at the same exchange rate as the Netherlands Antillean guilder (1 USD = 1.79 NAg = 1.79 CMg). As the BES islands (Bonaire, Sint Eustatius and Saba) adopted the U.S. dollar directly on 1 January 2011, the introduction of the CMg would mean the end of the circulation of the Netherlands Antillean guilder.
The Kwacha (ISO 4217 code: ZMW) is the currency of Zambia. It is subdivided into 100 "Ngwee".
On 21 July 2005, Bank Negara announced the end of the peg to the US dollar immediately after China's announcement of the end of the renminbi peg to the US dollar. According to Bank Negara, Malaysia allows the ringgit to operate in a managed float against several major currencies. This has resulted in the value of the ringgit rising closer to its perceived market value, although Bank Negara has intervened in financial markets to maintain stability in the trading level of the ringgit, a task made easier by the fact that the ringgit was pegged and has remained non-tradeable outside Malaysia since 1998.
From 2017, the largest denomination is the 50,000 soʻm banknote (early 2018 worth $6), which made the situation easier. The smallest denomination, the 1 tiyin, is only worth 1/2900 cent U.S. making it the "world's most worthless coin". However, coins and banknotes smaller than 25 soʻm are rare now.
There was one thing that did not change: the official name of the currency. Although the ISO 4217 was altered the relevant legislation made the point that the official name of the currency is still the złoty. New Polish złoty is an unofficial way to address the Polish currency (Dziennik Ustaw nr 50, 459, with later changes).
The rupiah (Rp) is the official currency of Indonesia. Issued and controlled by the Bank of Indonesia, the ISO 4217 currency code for the Indonesian rupiah is IDR. The name "Rupiah" is derived from the Indian word "rupiya" (), ultimately from Sanskrit "rupyakam" (; silver). Informally, Indonesians also use the word ""perak"" ("silver" in Indonesian) in referring to rupiah. The rupiah is subdivided into 100 "sen", although inflation has rendered all coins and banknotes denominated in sen obsolete.
The won (; , ; symbol: ₩; code: KPW) or Korean People's won is the official currency of North Korea. It is subdivided into 100 "chon". The won is issued by the Central Bank of the Democratic People's Republic of Korea, based in the capital city, Pyongyang.
In 1946, a new currency was introduced for circulation in Taiwan, replacing the Japanese issued Taiwan yen. Known as the Old Taiwan dollar. It was not directly related to the mainland yuan.
In 1949, a second yuan was introduced in Taiwan, replacing the first at a rate of 40,000 to 1. Known as the New Taiwan dollar, it remains the currency of Taiwan.
After the Japanese surrender in 1945, the ROC government (led by the Chinese Nationalist Party, or KMT) took over the Bank of Taiwan and began issuing "Taiwan dollars", also known as "Taiwan Nationalist Yuan", through the Bank of Taiwan. This currency is now referred to as the "old Taiwan dollar." Severe inflation of this currency during the Chinese Civil War led the Bank of Taiwan to issue the "New Taiwan Dollar" in 1949. After the loss of mainland China in the Chinese Civil War by the KMT and its subsequent retreat to Taiwan, the Bank of Taiwan took on a more central role as the central bank of the ROC until the Central Bank of China was reestablished in 1961. The Bank of Taiwan was governed under the Taiwan Provincial Government until 1998 when governance was transferred to the ROC Finance Ministry. In 2001 the Central Bank of China took over the task of issuing the New Taiwan Dollar.
The Bank of Taiwan was originally established by the Japanese in 1899 whilst Taiwan was under Japanese administration. The bank issued Taiwanese yen which were pegged to the Japanese yen. After the retrocession of Taiwan to the Republic of China, the new Bank of Taiwan was allowed to continue issuing its own currency. Called the "Taiwan dollar", it replaced the Taiwanese yen at par. This was an attempt by the Kuomintang to prevent the hyperinflation affecting the mainland from affecting Taiwan.