Korean Job Discussion Forums

[greedy_bones]

What's the deal with the Korean Won over the last couple of months? It seems to have dropped significantly compared to the dollar. Is this a result of Korean manipulation, American manipulation, or a random flux in the won's value?

I was so stoked last year when I would send 1M won home and get around 1100 dollars, but now 1M won is back down to something like 1,020 dollars.

[mole]

My first year in K-land, 1997, was interesting that way.
My veteran coworkers were sending all reserves home, buying USD travelers cheques, etc.
Being the NOOB I was, I didn't see what all the fuss was about.

They always said "1000" is the bailout point.
If the won gets down to 1000 won per USD, all foreign English teachers will leave and S. K. will be engulfed by the giant amoeba that surrounds them.

They were prophets. In a couple of short months the won went from 980 to 2000. Might have been worse, but all financial institutions shut down.
They bailed, happy and rich. And Korea survived it all.

Didn't bother me. I had no cash to BECOME worthless anyway. All I was out was a ride home. So I stayed.

If you worry about it, do something to protect your wealth. Change to a currency you are comfortable with. I'd be in Euro.