Korean Job Discussion Forums

[htrain]

We've all seen the exchange rate tanking. Some think the rate could easily go to 1200/1 for USD. This screws up my math, I'm sure it does yours too. My question is, what's your pain threshold? With yen at 96/1 and renminbi hitting 7/1 in the near future, what's the rate at which you'll say enough is enough and bail?

[mrsquirrel]

It's nearly back at the same rate it was in '98 to the pound.

Ah well.

Not much I can do really.

[robot]

Rates go up, rates go down.

I'm not going to worry just yet. I could easily keep my money here for a few years -- if it takes that long -- until the won regains its footing.

If I need to, I could always just go back home and keep most of my money earned in Korea here in the bank as an investment.

Things will eventually calm down; the won will right itself. No need to panic.

[Hyeon Een]

[jetrash]

some currency sites predict exchange ranges up to 2700won to the pound by this june.

[agoodmouse]

Bail physically or regarding currency? Where would you go?

[htrain]

I posted this on another thread, but here it is. This does not sound optimistic to me:

Currency dealers delayed selling dollar holdings on speculation that the won's losing streak would continue. The won has fallen for the 12th consecutive session, losing 92.7 won against the greenback.

Dealers said the won is expected to be under pressure down the road, reflecting a falling trade surplus and concerns about an economic slowdown. Korean firms are also scheduled to make dividend payments to foreign investors in March and April, which will supply more won to the market.

The Bank of Korea raised concerns about the won's steep fall, Monday, saying it is ``closely watching the market.'' The comments raised speculation that the central bank has begun to intervene in the market to prevent further falls of the local currency. But the Ministry of Strategy and Finance has not issued any statements. Strategy and Finance Minister Kang Man-soo has hinted the government is ready to tolerate inflation and a trade deficit to realize 6 percent growth this year.

The won's fall will put upward pressure on consumer prices.

``A weaker won can provide a setback to the economy amid rising international prices of raw materials and growing inflation here,'' said Kwon Soon-woo, an economist at Samsung Economic Research Institute. ``External risks may pull growth rates down and increase volatility on the financial market.''

[jetrash]

http://www.ratesfx.com/predictions/pred-krw.html

predicts a range of 2300/2700won to the UK pound by june this yr.

[htrain]

To the guys talking about "Oh I can leave my won here and use it as an investment account."

Do you really think Korean won is the best investment you can make over the course of say 2-3 years? I would never keep my money here just to hope and pray I can get 10% back, that is ridiculous. Why bet on an economy that is slowing? I'm American and own all of $400 US because I know what a sinking ship looks like. No one wants to admit when he's on one, and maybe I'm overreacting, but I'd rather be on safe ground.

Taiwanese dollar, yen, chinese, these are all currencies that are much more stable right now, even Singapore. Like I said before... if you made 2.3 mil last year, you have to make 2.5 this year just to break even. I like Korea overall, but I have to look out for number 1. I have a lot of calculations and facts and figures to crunch, but I have to improve my situation year after year and if the won continues to tank it will be a major wakeup call for me.

Maybe all of this doesn't bother you, my coworker said "I don't see what you're complaining about, it just means if you spent $40 last week you have to spend $44 this week for the same stuff, the difference isn't that big." If you're part of that camp, maybe you also like this rate tanking because it will make it harder to find teachers.

I am still on the fence; I'm watching the markets and the news.

[Atavistic]

Look. In this global economy, The Economy is about to tank. Everywhere. It might take longer for other economies to tank, but they're all going to get screwy in some way or another soon. Except for maybe North Korea.

Keep saving money, don't buy shit you don't need, don't take out unnecessary loans, make sure you have skills that are marketable/usable. (Whatever is always in demand back home. In the States, nurses and teachers are basically clear.)

[cuckoo for kimchi]

I'm pulling what's left of my hair out.....a year and a half ago I was laughing.....now..not so much....

[sojukettle]

I'm on the other side of the exchange fence - my contract is in US$ and then paid out in KRW.
At the outset it was around 1120KRW to the US$ - since then I have lost money every month. This month, at last I will get a little bit of it back.

hope it keeps going to 1300KRW - US$.

sk