Over NT$1.8 tril. of cash in circulation
The China Post news staffTAIPEI, Taiwan -- A total of NT$1.8095 trillion worth of cash was in circulation by the end of Wednesday, reported the Central Bank of Republic of China (Taiwan) yesterday.
February 8, 2013, 4:41 pm TWN
The figure exceeded NT$1.8 trillion and was a new record, the monetary authority said.
The number also surpassed the NT$1.7438 trillion posted on the day before stocks closed for the Lunar New Year break in 2012, it said.
“We expect this year's total cash in circulation to exceed last year's by about NT$100 billion,” the central bank said.
The central bank attributed the high figure seen this year to the fact people needed cash for the nine-day Chinese New Year break, which lasts from tomorrow to Feb. 17. At the same time, companies needed cash to issue bonuses and monthly salaries, which are traditionally given on the fifth or sixth of each month.
On Wednesday alone, cash in circulation hit NT$39.238 billion, the central bank said.
As for the amount of New Taiwan dollar cash circulating in mainland China, the central bank said it will give an official figure on a later date.
“We're still adding up the figures as the cross-strait currency clearance mechanism only took place recently,” it said.
The remarks came as unofficial sources suggested that there is currently NT$2.7 billion to NT$3 million worth of cash in circulation in mainland China.
Earlier this week, the Bank of Taiwan transported NT$25 million worth of New Taiwan dollars in cash to China. Yet according to sources, New Taiwan dollar exchanges are already offered by 13 Chinese banks, which get their cash supplies from Hong Kong.