The New Taiwan Dollar continues its impressive ascent, opening at 30.91 TWD to the US dollar in the Taipei foreign exchange market today, gaining over NT$1 within just 15 minutes and stabilizing in the 29s. Early this morning, many citizens flocked to the foreign exchange market, immediately opening their mobile apps to exchange currency. However, several banks experienced significant congestion, leading to longer wait times to complete exchanges.

With the upcoming US exchange rate report, expectations for the appreciation of the New Taiwan Dollar have been rising, boosted by inbound foreign investment and exporters' panic selling. According to Taiwan Bank's rate announcement today, the dollar went down to 29 TWD, while the Japanese yen hit a six-month low, prompting people to rush onto various banks' apps or online banking to capitalize on the favorable rates for USD and JPY. This surge in demand has resulted in login difficulties and long waiting times for several banks. Banks like Fubon, Cathay United, Mega International, China Trust, and Taishin had their apps indicating busy signals, forcing users to take several more minutes than usual to finalize their exchanges, with some individuals waiting nearly ten minutes.

Cathay United Bank announced a five-minute wait time for their app access due to high user traffic, whereas Taishin Bank's app showed a temporary service halt. In response, Taishin Bank stated that the spike in demand for currency exchange has exceeded their app's capacity and they are actively addressing the issue, recommending clients use their other digital banking services if needed.