The Korean won continues to weaken against the US dollar. For those of us who occasionally send money to US-based bank accounts, this is bad news because it means we need more Korean won to send over the same number of dollars. In happier times, and for years, the won stood at about W1100 to $1. Now, the won is at around W1300 to $1. So sending $1,000 to the US now means I need to spend W1,300,000—a goodly chunk of my income. Fortunately for me, the days of sending huge lump sums to the States are over because I paid off my scholastic debt at the end of 2020. I still have some minor revolving debt, though, that'll never go away, at least not for the foreseeable future, so I do occasionally have to send back a few hundred bucks. Also luckily for me, I don't have to do this every single month anymore: I can afford to skip months. Still, the weakening won is an inconvenience.
Thursday, August 25, 2022
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It also just sucks for going back to the States in general. I have a conference in October, and my usual funding isn't going to go nearly as far as it used to.
ReplyDeleteI have the good fortune to have my income in dollars, so the record-high exchange rate here helps alleviate some of the crazy inflation impacts.
ReplyDeleteAre you sorry you won't be able to benefit from Uncle Joe's relieving some student loan debt?