The New Taiwan Dollar (NTD) is the official currency of Taiwan. It is abbreviated as TWD and is often represented by the symbol NT$ or simply $. The currency was introduced in 1949 to replace the old Taiwan Dollar, which had lost its value due to inflation. The New Taiwan Dollar is subdivided into 100 cents. The Central Bank of the Republic of China (Taiwan) is responsible for issuing and managing the New Taiwan Dollar. The currency is widely used in daily transactions and is also traded in international markets. The exchange rate of the NTD fluctuates against other currencies, reflecting economic conditions in Taiwan and globally.