Korean Job Discussion Forums

[Real Reality]

The optimum level for the won-dollar crossing rate is estimated at 1,210 won, according to the Korea Institute for International Economic Policy (KIEP). The institute forecast that the won will strengthen to the 1,130-1,150 won level per dollar late this year. The Korean economy in a weak and fragile state and without much direction, Korea needs all the strength it can muster in its exports.
http://times.hankooki.com/lpage/biz/200309/kt2003093016155611870.htm

[shawner88]

The optimum level, in my expert opinion, is 400 Won to the dollar! Assa!

[bucheon bum]

i'm loving the exchange rate right now. If it goes down even further this month, WOO HOO. After Nov. 3rd or so, I could care less. Please Korea, don't fail me now.

[William Beckerson]

So, not being an economics guy: Less won means bigger dollars at the exchange, right?

How is that bad?

Y'know, for me?

[Gord]

When the won hits par with the dollar, I'm set.

[kylehawkins2000]

FYI Beckerson:

basically if you're interested in exchanging money you want the price of a dollar to be cheaper. It is somewhat ambiguous when people say the dollar/won is going up/down.

I prefer to say 'the dollar is becoming cheaper/more expensive'. If you want to buy something you always prefer it cheaper right?

The dollar is getting cheaper....but not dramatically so.

[weatherman]

The korean government is really lost in my book on what they are doing. If the won gains against the dollar they cry export losses, if they won weakens to much, they cry increase costs of imports. What Korea needs to do is get out of its mercantilist mind set to economics and start playing a role that will contribute to the world economy and build growth, instead of the dysfunctional 'only so much out there, I must take it all' chest pounding that goes around here. 1025 to the dallor, baby.

[mack the knife]

Just a little tid-bit that gets posted on this board from time to time. Forget the money changers in Itaewon. Visit the Namdaemun Grannies. You'll get the best deal from them, hands down. And it has the extra added appeal of feeling like you're really doing something nasty and evil, like a drug deal with a Colombian cartel member.

[The Lemon]

Just wondering - I've seen the old ladies of Namdaemun recommended here for years, but how come? Do they offer a better rate than the banks, and if so, how much?

[Gord]

[kimcheeking]

[William Beckerson]

[casinoman]

I assume that since all of the people working here are being paid in won then the "cheaper" (devalued) US dollar is to your advantage (unless your a GI being paid in greenbacks). The only problem is that all currencies are higher relative to the US dollar, so the Canadian dollar (the one that I care about) is about the same relative to the won.

[Ya-ta Boy]

Before the big Crash in '97 the won was at W750-800 to the US dollar and Korea was doing just fine. The won is weak now because the gov't wants it weak in order to export more. A weak won is easier to deal with for the gov't than to insist that companies become more efficient and productive. After all, why bother to solve a problem when you can just export it and let someone else deal with the problem?

[mack the knife]

You want to use the services of the grandmas if a) you're exchanging large amounts of cash, say, 1 million won or more b) you want to avoid a paper trail.

Yes, you get a better rate than both banks and exhange kiosks at Itaewon.