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afsjesse
Joined: 23 Sep 2007
Location: Kickin' it in 'Kato town.
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 Posted: Thu Apr 17, 2008 7:26 pm Post subject: Wons going up! |
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| Here we go again... current rate is 1018 to the USD..... |
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mnhnhyouh
Joined: 21 Nov 2006
Location: The Middle Kingdom
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| Posted: Thu Apr 17, 2008 7:35 pm Post subject: |
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If you need more won to buy one dollar, that means the value of the won is going down.....
Look at it this way, imagine 1000 won buys 10 candies, but the value changed and now only get 9 candies. The value of the won has gone down.
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mnhnhyouh
Joined: 21 Nov 2006
Location: The Middle Kingdom
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afsjesse
Joined: 23 Sep 2007
Location: Kickin' it in 'Kato town.
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| Posted: Thu Apr 17, 2008 7:40 pm Post subject: |
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actually you need to check the Korean bank site to see the exchange rate... because sites like yahoo and xe.com only do the average and do not include bank charges. So for example, keb at the moment is 1018 won for 1 dollar. even though yahoo says 1000.
www.keb.co.kr/main/en
check the rate |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Thu Apr 17, 2008 7:43 pm Post subject: Re: Wons going up! |
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| afsjesse wrote: |
| Here we go again... current rate is 1018 to the USD..... |
So how much did it go up by exactly? Did it go up from 1000 to 1018?
Thanks... That is good news... |
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afsjesse
Joined: 23 Sep 2007
Location: Kickin' it in 'Kato town.
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| Posted: Thu Apr 17, 2008 7:47 pm Post subject: |
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| actually its bad news if you want to send money home. For example. I send home 500 dollar per month for student loans. In April I sent home 500,000 Won and got a little over 500 dollars when the WON was below 1000... not in May, depending on the rate, I'll have to send home say 600,000 depending on how high it gets... in the end I spend more money and have less to live on here in Korea. |
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mnhnhyouh
Joined: 21 Nov 2006
Location: The Middle Kingdom
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| Posted: Thu Apr 17, 2008 7:50 pm Post subject: Re: Wons going up! |
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| Adventurer wrote: |
| afsjesse wrote: |
| Here we go again... current rate is 1018 to the USD..... |
So how much did it go up by exactly? Did it go up from 1000 to 1018?
Thanks... That is good news... |
That is not good.
When it was 1000W to the dollar 1,000,000W got you $1000
When it is 1018W to the dollar 1,000,000W only gets you $982.32
Going from 1000 to 1018 means the value of the won is falling....
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rusty1983
Joined: 30 Jan 2007
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| Posted: Thu Apr 17, 2008 7:56 pm Post subject: |
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| It took us a while, but we got there, good work people |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Thu Apr 17, 2008 8:08 pm Post subject: |
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| afsjesse wrote: |
| actually its bad news if you want to send money home. For example. I send home 500 dollar per month for student loans. In April I sent home 500,000 Won and got a little over 500 dollars when the WON was below 1000... not in May, depending on the rate, I'll have to send home say 600,000 depending on how high it gets... in the end I spend more money and have less to live on here in Korea. |
If the won is supposedly going up then why would we need to send more money? I don't get that. Anyway, I wonder what the outlook for the economy is for Korea for say 2009. I won't be here beyond January.
The US is in a recession, and I wonder how Korea will be affected.
Will there be less of a demand for teachers? |
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rusty1983
Joined: 30 Jan 2007
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| Posted: Thu Apr 17, 2008 8:09 pm Post subject: |
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| Wait, I spoke too soon |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Thu Apr 17, 2008 8:14 pm Post subject: |
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| Adventurer wrote: |
| afsjesse wrote: |
| actually its bad news if you want to send money home. For example. I send home 500 dollar per month for student loans. In April I sent home 500,000 Won and got a little over 500 dollars when the WON was below 1000... not in May, depending on the rate, I'll have to send home say 600,000 depending on how high it gets... in the end I spend more money and have less to live on here in Korea. |
If the won is supposedly going up then why would we need to send more money? I don't get that. Anyway, I wonder what the outlook for the economy is for Korea for say 2009. I won't be here beyond January.
The US is in a recession, and I wonder how Korea will be affected.
Will there be less of a demand for teachers? |
I still don't think anybody has officially said the R word yet. |
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afsjesse
Joined: 23 Sep 2007
Location: Kickin' it in 'Kato town.
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| Posted: Thu Apr 17, 2008 8:19 pm Post subject: |
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| well everyone else is but the FED is saying the word. What else do you call .3% economic growth? |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Thu Apr 17, 2008 8:20 pm Post subject: |
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| The day the BBC says the R word is the day it will be official. |
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GoldMember
Joined: 24 Oct 2006
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| Posted: Thu Apr 17, 2008 8:36 pm Post subject: |
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Well actually it's not the won going up, it's that becoming worthless debased currency, the US dollar that is going down.
If you really want to determine if the won is going up or down you need to compare it against other currencies such as the Canadian Dollar, Australian Dollar, Swiss Franc, Japanese Yen, and of course the Euro. |
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mnhnhyouh
Joined: 21 Nov 2006
Location: The Middle Kingdom
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| Posted: Thu Apr 17, 2008 8:48 pm Post subject: |
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| afsjesse wrote: |
| well everyone else is but the FED is saying the word. What else do you call .3% economic growth? |
That is not a recession. A recession, IIRC, is two quaters of negative growth...
<edit>
I did RC,
http://en.wikipedia.org/wiki/Recession
</edit>
h |
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