Simplify the following text for a Grade 10 native English-speaking person.
Original: In English usage the New Taiwan Dollar is often abbreviated as NT , NT$ , NT Dollar or NTD , while the abbreviation TWD is typically used in the context of foreign exchange rates . Subdivisions of a New Taiwan Dollar are rarely used , since practically all products on the consumer market are being sold at whole dollars .
Simplified: The New Taiwan dollar ( currency code TWD and common abbreviation NT$ ) , or simply Taiwan dollar , is the official currency of Taiwan .