Taiwan dollar hits NT$29 per US dollar triggering currency exchange rush
台幣兌美元匯率突破29，引發貨幣兌換熱潮
| Cathay United Bank and Taishin International Bank apps overwhelmed
TAIPEI (Taiwan News) — The New Taiwan dollar broke the NT$30 per US dollar mark on Monday, spurring a currency exchange rush that overwhelmed bank apps and online systems. The New Taiwan dollar opened with a strong rally Monday and currently stands at NT$29.69 per US dollar. The strong currency prompted a wave of currency exchange activity among the public, causing multiple banks to report issues such as login failures, long wait times, and system maintenance outages, per CNA.. Ahead of the release of the US Treasury’s currency report, market expectations of New Taiwan dollar appreciation continued to grow. This, combined with foreign capital inflows and panic selling of US dollars by exporters, fueled upward momentum for the New Taiwan dollar. In addition to the US dollar drop, the Japanese yen dipped into the NT$0.20 range, a new six-month low, prompting people to flock to bank apps and online banking platforms to buy cheaper foreign currencies like the dollar and yen. This surge in traffic led to technical issues at multiple banks. When logging into Cathay United Bank's app on Monday morning, the system displayed a notification indicating a 5-minute wait. Taishin International Bank’s app showed that the system was temporarily out of service, and several other banks’ apps reported high login traffic or temporary login failures. Taishin International Bank responded that the sudden spike in currency exchange demand had overwhelmed app traffic capacity. The bank said it is actively working to resolve the issue and encouraged customers to use the Taishin International Bank app or Richart online banking services for their currency exchange or other financial needs. |
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| Keoni Everington, Taiwan News, Staff Writer | |
| 2025-05-05 |
