New Taiwan Dollar Soars to a 23-Year High: Four Types of People Benefit, Four Types Face Loss

The New Taiwan Dollar surged against the US dollar on the 2nd, setting a historic record by rising over 1 NT dollar in a single day, closing at 31.064 NT dollars, marking a daily increase of 3.07%. This prompted considerable attention from the public as foreign capital heavily purchased 42.924 billion NT dollars worth of stocks. According to the social media page 'Esansan', the implications of this appreciation are mixed for different groups of people.
As reported by the Central Bank, the closing rate against the US dollar represented an appreciation of 9.5 Jiao compared to the rate of 32.017 NT dollars per USD on April 30, marking the largest daily increase in 23 years.
People who benefit from this rise include overseas travelers who can find cheaper tickets and accommodations due to the favorable exchange rate; online shoppers abroad who enjoy price reductions; parents of students studying abroad who see lower remittance costs; and importers who benefit from reduced purchasing costs.
Conversely, those facing losses include exporters who may earn less when exchanging proceeds from USD back to NT dollars, as well as individuals receiving salaries in USD who must pay more in USD to convert the same amount of NT dollars. Additionally, foreign tourists may find it more expensive to visit Taiwan, potentially impacting the tourism sector.
Experts conclude that while the appreciation of the NT dollar is advantageous for those traveling or purchasing foreign goods, there are risks for those earning in USD or buying in non-USD regions.