Premier says he respects central bank’s views on currency design

Taipei--Premier Lin Chuan (??) said Friday that he respects the view of the central bank on the issue of whether to re-design Taiwan's currency.

"(I will) not give policy instructions in this regard," the premier said during a question-and-answer session at the Legislature when asked if an expensive re-design of Taiwan's currency will be undertaken.

The premier said that if some within the ruling Democratic Progressive Party (DPP) want to change the design of bills and coins, they should submit their proposals to the Central Bank of the Republic of China (CBC).

The premier's words came one day after CBC Governor Perng Fai-nan (???) said the bank did not consider re-designing the nation's currency a priority.

According to Perng, the Taiwan dollar bills currently in circulation have been effective in combating forgery, with only 0.27 forged notes detected every 1 million bills, one of the lowest levels in the world, he said.

A recall of all bills in circulation would take about six years and coupled with re-designing and printing could cost up to NT$50 billion.

"Therefore, there in no urgent need to re-design the currency," Perng said, adding that he would not push for currency re-design during his term as chairman of the central bank.

Perng also said that he thinks the current designs on bills, which cover such themes as education, sports, technology, environmental protection and ecology, and display images of famous mountains such as Alishan and Nanhudashan as well as protected animals, already showcase many of the distinctive features of Taiwan.

The idea to re-design the nation's currency was floated by DPP Legislator Kao Jyh-peng (???).

Kao said recently that he intended to table an amendment to re-design the currency, as some of the bills bear images that could be deemed to contribute to a cult of personality such as that of Dr. Sun Yat-sen (??) on notes and late President Chiang Kai-shek (???), who still appears on coins.

Source: Focus Taiwan News Channel