The Korean Won is going down faster than Cristiano Ronaldo in the penalty area, wrecking havoc with every foreigner who wants to save money in this land. My initial plan- saving 1,000,000 won a month- would have traslated as over 500 pounds. Now its worth 400- a catastrophic collapse in just a month. The Won has dropped 31% since last year, and a massive 17% last week.
I’m won-dering, why is this happening? Won would think with the current financial crisis in Europe and America the Asian economies would be doing comparatively well- and in fact many are. The Japanese yen, which at one point in my stay in Japan was around 250 to the pound, is now at 170! This at least means that when I get my “pension refund”, I’ll rake in a bit of cash. But it makes my decision to leave Japan for Korea a catastrophic financial one.
I do have some yen in cash, and it seems that the wise move would be to convert and spend this while the won is doing so badly, as well as putting things on my credit card. I’m no economic expert, but hopefully by doing this I can get more won for my yen and pound, and hope the current currency trends reverse so that my salary is actually worth a bit more in a few months. Won hopes that theres only won way this situation can go; although given the current global financial turmoil, its quite possible we haven’t reached the nadir yet.
ADDENDUM – Thanks to an on-the-ball amigo, it has been pointed out to me that the Won isn’t actually THAT bad at the moment. While it was at almost 2500 to the pound just last wednesday, it was now steadied and is right back down to 2150. Hopefully it will drop further.