Korean Job Discussion Forums

Pusanpoe · Joined: 27 Jan 2003

I know it sound immodest but for you doubters I told you so about the 900 won to the Canadian dollar. This is really p_ssing off many foreigners such as Australians and Canadians in particular and putting them in a bad mood while some hogwons put the screws to them. Hogwons may be losing money in some instances but so are wages effectively going down by the bucket load for most.
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Posted: Fri Mar 07, 2003 3:12 am Post subject: Your savings may be halved. Not pure speculation.

The U.S. trade deficit has hit a near record high. To remedy this, U.S. authorities are carefully but surely talking down the dollar -and the Iraq war situation adds more risk to the U.S.A. dollar. Most importantly. Canadian interest rates have gone up to cool off inflation in the reasonably well off Canadian economy. So 900 won to the Canadian dollar is at the very least a realistic scenario especially if America gets bogged down in Iraq or experiences more homeland damage

Harpeau · Joined: 01 Feb 2003 Location: Coquitlam, BC

If I recall correctly, for X-mas '97 the exchange rate was 1600 won to the Canadian dollar. I was here at the time and it was very painful. Therefore, it seems that 900 in comparison isn't really that shabby IMHO. I really don't feel much pity for you at this time. Relatively speaking, it could be worse.

Have a good one! Smile

Harpeau

Mr. Pink · Joined: 21 Oct 2003 Location: China

jaebea · Joined: 21 Sep 2003 Location: SYD

I guess as long as the cost of living in Korea stays about the same, then there's no real fuss, unless you're in the habit of sending large chunks of money back home for saving (deposit on house/car/tv whatever).

In that case, yeah, it is bad, but nothing like the IMF crash. Harpeau and MrPink are the real veterans here.. :D

jae.

kimcheeking · Guest

Christmas eve '97 the rate was around 1980 won to the cdn$

kiwioutofthenest · Joined: 29 Jan 2003

The NZ rate is definatly crap aswel....when i arrived it was 603 to the dollar now it's 744 .....aarrhhhh

Harpeau · Joined: 01 Feb 2003 Location: Coquitlam, BC

Bulsajo · Joined: 16 Jan 2003

When I first came to Korea it was around W540 per $1 CDN, and I remember that it rose to 600 or so around the end of my contract and we were all screaming mad- then the "IMF" crisis hit...

The funniest thing #1 about the 'IMF' crisis- Koreans all blamed the IMF as if they started the damned crisis rather than loaning Korea the money to dig itself out of its own hole.

The funniest thing #2 about the IMF crisis- all the 'IMF' sales, 'IMF' Coffee shops, 'IMF' restaurants- could never quite figure that one out...

Harpeau · Joined: 01 Feb 2003 Location: Coquitlam, BC

Yes, how true. IMF became a catchword. If only people knew the REAL reason. It's kind of sad, really.

A similar situation. When I first arrived, it was about 640 to the Canadian dollar (April 6, 1997). By Christmas (only 8 months later), it bottomed out around 2000 won! You should have seen all the people bolting! Lots of unis were hiring for that Spring- I tell ya!

Harpeau

kylehawkins2000 · Joined: 08 Apr 2003

shawner88 · Joined: 01 Feb 2003

I send the bulk of my pay home...you never know being in a foreign country. If a war broke out, your won in the bank would disappear or be seriously devalued. Also, the chances are slim, but you could be arrested/deported unexpectedly (getting into a fight, doing privates, whatever) and they can seize your funds.

KoreanLifer · Joined: 30 Jan 2003

the Bank of Korea is using Kr's foreign xchange reserves to drive the W well above the 1200 level.as u know it benefits the country's exports abroad.hopefully, we will see fall back to the 1100 level or lower in the new year.the Kr govt should let the market forces prevail and not intervene.know one knows how many bribes polticians are taking from exporters here because of this issue.

wormholes101 · Joined: 11 Mar 2003

RedRob · Joined: 07 Jul 2003 Location: Narnia

Sure it was that low? I seem to remember it at maybe 550 to the NZD...doesn't really matter....'cept I was only making 1.6 and saving more than I am now.... Crying or Very sad

Homer · Guest

Pusanpoe,

This is just a minor inflamation of the exchange rate. A mere sniffle in currency trading...

Ask those of us who were here back in good ole late 1997 about what a bad exchange rate is.... Laughing

As for the won vs loonie rate, its bad because right now the loonie is running wild on an inflated value. This won't last for ever, not even for a little ever.
So just bide your time, put it in the bank and wait for the rate to go down...as it will eventually when the loonie regains its senses and takes its true place in the monetary universe... Exclamation

If you still feel bad pusanpoe, look at the previous posts in this thread about the truly bad rates we got in 1997...

it went from a fantastic (and steady) 500-600 won per loonie to well over 1400 won per loonie in the space of one little month. It stayed well above the 1200 to the loonie for over 7 months and it only dropped around a "great" 950 by the next summer...so, right now..no worries...
As for now it still means around 2800 to 3000cdn back home per month for me..not as great as it could be but still quite acceptable... Very Happy