The primary currency used in Taiwan is the New Taiwan Dollar (NTD), often symbolized as NT$ or TWD in financial contexts. Introduced in 1949 to replace the Old Taiwan Dollar, the New Taiwan Dollar has undergone several changes and is commonly used for everyday transactions, including in shops, restaurants, and markets across the island. The currency is further subdivided into 100 cents. The central bank of Taiwan, the Central Bank of the Republic of China (Taiwan), administers the issuance and regulation of this currency.