Banknote redesign to include NT$200, NT$2,000 bills: Central bank

Taipei, March 30 (CNA) A plan to redesign Taiwan banknotes will include the NT$200 and NT$2,000 bills, even though those two denominations are less widely circulated, according to the central bank.

The NT$200 and NT$2,000 bills are still in demand among some consumers, and maintaining their circulation offers environmental and cost benefits, the central bank said in a report submitted to the Legislature on Friday ahead of a scheduled hearing on Monday.

Currently, Taiwan has five types of banknotes in circulation-- NT$100, NT$200, NT$500, NT$1,000 and NT$2,000 -- with the NT$100, NT$500 and NT$1,000 bills being the most commonly used in the market.

The central bank said the NT$200 and NT$2,000 bills were included in the redesign plan not only because of demand but also in keeping with a trend in many other countries to include all denominations in their redesign initiatives.

The redesign project will promote those two bills to encourage more proportional public use of all five denominations, the bank said.

Taiwan's central bank officially launched the banknote redesign program last October, setting up a cross-disciplinary advisory committee for its first large-scale redesign effort in more than 24 years.

As part of the redesign program, the central bank held a public vote to select a theme for the banknotes, with more than 190,000 people participating in the poll.

After the poll, the advisory committee selected "Beauty of Taiwan" as the theme for the new banknotes, the bank said, adding that the committee will use its professional judgment to implement the process.

The redesign process is expected to take about two years, as it involves drafting new designs, certification, Cabinet approval, test printing, and the procurement of specialized paper and patented ink, according to the bank.

Before the new banknotes are issued, anti-counterfeiting features and automated cash-handling systems nationwide will be upgraded, the central bank said.