Korean Won is Tanking Again

The Korean currency, the won, is suffering again. Weak against the dollar. It hasn't been good in a long time, since last September, but over the past few months it looked like it was improving. Not to be. Sigh.

Here's an overview. In the years I have spent in Korea, the won has usually hovered around W1,000 to $1. So, 5,ooo won equaled roughly 5 dollars.

But then this global economic crisis hit, and the won hit a high of about W1,500 to $1.

That is a big damn change.

I get paid in won and shop and live in won, so on a daily basis it's not a big deal.

(Which brings to mind a situation that has happened a few times in my elementary classes, when I pulled out some Korean money to show my students--as in "This is a 'bill' and this is a 'coin'." The reaction I got from a few students was one of total surprise: "Teacher, you have Korean money!" I almost fell to the floor laughing at their amazement the first time, but managed to explain to them somewhat calmly that yes, since I live in Korea I need Korean money. Cute on their part, I guess, being so young and not having a firm grasp on the economic realities of life.)

Anyway, on a daily basis not a big deal.

But here's the problem. My boss owes me a plane ticket back to the U.S. in two months, and I would like to go back for a visit before teaching again at a new job here. A plane ticket would cost about $1,000 if I paid for it, and I could get a new school to pay for a return flight, so the opportunity to visit is a good one.

But the way the currency is right now, I would lose $300 out of every $1,000 I converted to spend in the U.S.

Ouch! That hurts.

So maybe I'm better off not leaving until the currency situation improves, but that might not happen for a long time (current forecasts say the end of the year), and that's a long time for me to go without a visit to the U.S.

There are other things I may need to spend money on here, like if I wind up living in Seoul I may have to put a large deposit down on an apartment (perhaps the equivalent of several thousand usd).

So maybe I should stick around and save. But "should" is different from "want to".

Maybe just a short visit. Possible, but I would probably then have to pay for my return flight.

Depends on the details of a new job, which I am just beginning to look for.

Sigh.

A global financial crisis and here I am being selfish about a bit of money. But it does matter. To me:)