punch to korean won

Forex is going crazy these days. Yesterday, I was chatting with a friend of mine when I was told that he’s unhappy with what’s happening here in Korea. I thought it’s the usual topic - relationship with his workmates - but it’s not. I even laughed when he told me that it’s the Korean Won - US Dollar exchange rate. Out of curiousity, I checked the website of Korean Exchange Bank and surprised (I think “shocked” is more appropriate) to see that the exchange rate is W1,397.02 to $1. Korean newspapers even said that it’s higher than Wednesday’s exchange rate which is W1,485 to a $. Grrr.

In my last assessment (about a month ago) my current salary in Peso fell short of 41% as compared with my salary in 2005 due to exchange rate. Using the current forex, then I’m losing 52% of my salary! Dang! Why? Using Korean Won, I have to buy $ which is about 500 won higher than when I first got here, then exchange the $ in Peso with about 10 pesos lower than the value of $ in 2005. Sigh.

I never thought that the Korean economy will be this much affected by the US economy recession. I even remember reading a news article early of September that the Korean Development Bank is having some negotiations with the Lehman Bros. in USA about the possibility of acquiring a certain share of the troubled US investment bank. Result? I have to know after posting this!

This early morning(past 5AM Manila time), while taking my usual breakfast - a cup of coffee and a stick of mild seven LSS - I browsed this news article from reuters which is worth reading. Are Korean banks next in line for government rescue?  Ironic that after offering some help, now it’s beleaguered of losing. Do you still trust the Korean economy? I do. In spite of this fluctuating forex, the fall of Korean economy which is said to be in it’s lowest level in ten years, I still believe that it’s strong enough to stabilize these things.