Korean Job Discussion Forums

Real Reality · Joined: 10 Jan 2003 Location: Seoul

Remember 1998.
What was the value of the won? How did foreigners fair in and since 1998?

On May 12, 1998, $1 was worth 1,383 won.
http://www.intandem.com/NewPrideSite/Asia/Lesson13/Lesson13_Tchr.html

On March 30, 2001, $1 was worth 1,324 won

On March 27, 2002, $1 was worth 1,326 won

On March 31, 2004, $1 was worth 1,146 won
http://www.exchangerate.com/

With consumer prices rising and the won-dollar exchange rate plummeting due to higher oil prices, dark clouds are gathering over the Korean economy.

To make matters worse, the won is also fast losing its value against the dollar, seriously undermining the profitability of exporting companies.

The won-dollar exchange rate fell below the psychologically important level of W1150 on March 31, due to the yen's advance versus the dollar and on Thursday it closed at W1,141.20, down W5.4 from the previous day.

"If the current trend continues, chances are high that the won-dollar exchange rate would collapse below W1104.4, which was recorded on September 4, 2000 right after the Asian financial crisis. Few Korean companies except for Samsung Electronics and Hyundai Motor could survive an exchange rate below W1150," said Lee Jin-woo, a researcher at Nonghyeop Futures.
http://english.chosun.com/w21data/html/news/200404/200404010020.html

jazblanc77 · Joined: 22 Feb 2004

I understand the situation with the won vis-a-vis the American dollar it sucks for Americans who have to transfer money home. Personally, I would like to see exchange rates at what they were two summers ago. I am Canadian who is here pretty longterm so that means that the weaker the Canadian dollar is and the stronger the Korean Won is, the happier I am. Unfortunately, that isn't the best for everyone. Anyways, stability would be nice and at least the won stopped diving last week for a while.

Badmojo · Posted: Sat Apr 03, 2004 4:30 pm Post subject:

What are people complaining about? Canadians got to like what they're seeing. In December, the won was around .001085, but now it's back up to .0011485. Crisis? What crisis?

The Lemon · Joined: 11 Jan 2003

Real Reality · Joined: 10 Jan 2003 Location: Seoul

The Lemon,

I see you got my point.

How was the exchange rate before 1998?
Was it not much better for foreigners before the "IMF Crisis"?

Koreans will complain. Foreigners that have been in Korea a long time may feel the currency is returning to levels prior to 1998.

Kristsoy · Joined: 23 Mar 2004

it migh not be weak but it sure as hell isnt strong. 2M won used to be 2750 canadian, and these days, for the last year actually it's around 2,150.

thats a rediculous drop which is coming out of my pocket and the rest of our pockets too.

Also, why do you guys also have to insult the OPs here. If you cant say anything nice, then stay the hell off this form. The last thing people want to here is compalining, especially the teachers who work in hogwans.

*edited by Lemon, 2:18pm*

shawner88 · Joined: 01 Feb 2003

The Lemon · Joined: 11 Jan 2003

Kristsoy · Joined: 23 Mar 2004

thats a really big difference. NOt sure if i wish i was here then or now

The Lemon · Joined: 11 Jan 2003

Straight comparisons (like in my previous post) don't show the whole story, because a dollar in 1996 bought more than a dollar today.

So though hogwon teachers make, on average, $400CDN more than they did before the currency crisis six years ago, the actual increase in terms of value and purchasing power, figuring in inflation, is less than that.

Even still, teachers are earning more now than they did then.

ryleeys · Joined: 22 Dec 2003 Location: Columbia, MD

Someone lemme know when it "drops" to W500 to the US dollar... You can scream crisis and I can laugh all the way to the bank... The American bank that is where I'll keep my hoards of cash.