February 19, 2005
The New Taiwan dollar is set to continue its appreciation against the US dollar as the American currency continues its weak performance on forex markets due to the mounting trade and budget deficits in the United States, executives at Citigroup Private Bank said at a press conference in Taipei in late January.
Stating that the bank sees the NT dollar at a value of
NTD 27 to the US dollar in five years, Tony Stanton, an investment strategist and senior portfolio counselor at the bank, added that the NT dollar is likely to strengthen 15-17% to a level of
NTD 26.6 to
NTD 27.2 in two years.
Arun Motianey, director of investment research at Citigroup Private Bank, said the NT dollar is likely to hit
NTD 27 against the US dollar in the coming five to seven years.
Taiwan's currency gained value against the US dollar in 2004. Stanton pointed out that the local currency traded at an average of
NTD 33 versus the US dollar last year. He said the bank expects the NT dollar to appreciate by
NTD 1 to
NTD 32 in 2005.
(United Daily News, Taipei Times)
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