HUF to TWD

HUF - Hungarian Forint (Ft)

The Hungarian forint is the official currency of Hungary, and has been in circulation since 1946. The code for the forint is HUF and the symbol is Ft. Its conversion factor has 6 significant digits, and it is a fiat currency.

The Forint is the official currency of Hungary, and is issued by the Hungarian National Bank. The modern Forint was introduced in 1946, after the second world war. The Forint was subdivided into 100 fillér, but fillér coins are no longer in circulation. The long-term goal of the Hungarian government is to replace the Forint with the Euro, although this transition has been delayed due to current economic issues.

The Hungarian Forint is the currency in Hungary (HU, HUN). The symbol for HUF can be written Ft. The exchange rate for the Hungarian Forint was last updated on January 18, 2019 from The International Monetary Fund. The HUF conversion factor has 6 significant digits.

Economy

• Hungary has made a successful shift to a market economy after the first multi-party elections were held in 1990. Before the fall of the Communist regime in 1989, its economy was centrally planned.
• Since 1990, foreign ownership and foreign investment have become commonplace, and Hungary receives about a third of the foreign investment flowing into the Central European area.
• Production in Hungary has shifted from lower-value textiles and food products to higher-value sectors such as luxury vehicle production, renewable energy, tourism, and information technology. Over 60% of Hungary’s exports are related to machinery and equipment.
• In recent years, Hungary has required financial assistance from world bodies such as the IMF and World Bank to service its large public debt. As one consequence, Hungary has delayed adopting the euro until 2020.

History

• The name Forint has its origin in coins minted in Florence in 1252, called Fiorino d’oro.
• Forint banknotes and fillér coins were introduced and circulated in August 1946, as a crucial step in the stabilization of the country after World War II.
• Inflation (especially during the late 1980s) made fillér coins irrelevant, and they were removed from circulation in 1996. Coins continue to be minted in Forint denominations.
• The Forint became fully convertible in 2001 after the high inflation of the 1990s when Hungary transitioned to a market economy.

More information about HUF - Hungarian Forint (Ft)

TWD - New Taiwan Dollar (NT$)

New Taiwan Dollar

The New Taiwan Dollar (or the Taiwan Dollar) has been the official currency of the Taiwan Area of the Republic of China since 1949, when it replaced the Old Taiwan Dollar. It was initially issued by the Bank of Taiwan; since 2000 it has been issued by the Central Bank of the Republic of China (ROC).

The New Taiwan Dollar is the currency in Taiwan (TW, TWN). The New Taiwan Dollar is also known as the Taiwanese Dollar. The symbol for TWD can be written NT$, NTD, and NT. The New Taiwan Dollar is divided into 100 cents. The exchange rate for the New Taiwan Dollar was last updated on May 24, 2019 from Yahoo Finance. The TWD conversion factor has 5 significant digits.

Economy

• Taiwan has a developed capitalist economy that ranks as the 19th largest in the world in GDP and 23rd in nominal terms. The Republic of China governs Taiwan with gradually decreasing guidance in the areas of investment and foreign trade.
• Most large government-owned banks and industrial firms have been privatized.
• Real growth in GDP has averaged about 8% during the past three decades. Exports have grown even faster and, since World War II, have provided the primary impetus for industrialization.
• Taiwanese investors and businesses have become major investors in mainland China, Vietnam, Thailand, Indonesia, and the Philippines.

History

• The New Taiwan Dollar was first issued by the Bank of Taiwan on June 15, 1949 to replace the Old Taiwan Dollar at the rate of 40,000 old Dollars = 1 new Dollar.
• The main aim of the New Taiwan Dollar was to end the hyperinflation that had plagued Taiwan and mainland China due to the Chinese civil war fought in mainland China.
• Taiwan has transformed itself from a recipient of U.S. aid in the 1950s and early 1960s to an aid donor and major foreign investor. Private Taiwanese investment in mainland China is estimated to be in excess of 150 billion USD, and official sources cite Taiwan as having invested a comparable amount in Southeast Asia.
• In July, 2000 the New Taiwan Dollar became the official currency of the ROC and is no longer secondary to the silver Yuan. At the same time, the Central Bank of China (now known as the Central Bank of the Republic of China) began issuing New Taiwan Dollar banknotes, and the old notes issued by the Bank of Taiwan were taken out of circulation.

More information about TWD - New Taiwan Dollar (NT$)