TAIPEI (TVBS News) — Taiwan's central bank (CBC, 中央銀行) launched a New Taiwan dollar banknote redesign Tuesday (Oct. 28), with budget allocation planned for 2028. CBC Governor Yang Chin-long (楊金龍) told Taiwan's parliament, the Legislative Yuan (立法院), the project will cost NT$50 billion (around US$1.6 billion). The redesign involves replacing 700 million to 1 billion notes annually at NT$5 (around US$0.16) each.
Opposition Kuomintang (KMT, 國民黨) legislator Lo Ming-tsai (羅明才) criticized the redesign cost, estimating it could exceed NT$500 billion (around US$16.3 billion). Premier Cho Jung-tai (卓榮泰) defended the project, noting banknotes have not been updated in 24 years. Yang argued physical banknotes remain necessary despite mobile payment growth.
Yang clarified the NT$500 billion (around US$16.3 billion) estimate includes potential coin redesign, which is not currently planned. The banknote redesign will increase production costs by NT$1.5 (around US$0.05) per note. Yang noted Taiwan's 24-year redesign gap exceeds the 11-to-15-year international average, citing rising counterfeit currency concerns. ◼ (At time of reporting, US$1 equals approximately NT$30.631)