Central Bank rejects speculations about ceasing production of NT$1 coins.
Let's Talk Coinage:
Taiwan's NT$1 coin may seem like a cheap trinket, costing only NT$0.03 to manufacture, but don't be fooled. The central bank still churns out these coins, racking up costs of NT$1.54 per coin (as of 2023)—quite a substantial difference! Despite this, they've got no intention of kicking these coins to the curb, thanks to sustained public demand and the coin's handy role in day-to-day dealings.
Why's Taiwan holding onto these copper circles when other countries, like the US, are dropping their 1-cent coins due to rising production costs and diminishing purchasing power? Well, apparently, the Taiwanese public ain't ready to let go! The central bank's made it clear: no plans to retire the NT$1 coin any time soon. The coin's still a staple in transactions across various sectors, making it an essential piece in the country's economic puzzle[1][2].
But hey, nobody wants a stockpile of unused coins gathering dust in their piggy banks, right? To keep the coin economy flowing like a well-oiled machine, the Central Bank launched a coin recirculation program back in 2014. You can now dump your spare change at convenience stores, supermarkets, electronic wallets like EasyCard, and even some ATMs[1][2].Getting around town on the metro? Throw your coins in the slot—it's all good! These efforts have led to increased coin recycling and a yearly decrease in net issuance, indicating that the program's a winning move[1][2].
So, to all coin collectors and savers out there, the central bank's saying: don't hog theNT$1 coins; spend 'em, deposit 'em, or recycle 'em, to keep the economy peddling along smoothly!
The NT$1 coin plays a significant role in Taiwan's business sector, serving as an essential piece in the country's economic puzzle. While some countries have withdrawn their 1-cent coins due to financial constraints, the Taiwanese finance industry continues to rely on the NT$1 coin in various transactions.
