A few months ago, I was shocked by the US dollar to Korean won exchange rate when it was actually less than 900 KRW to $1. After having the exchange rate at a steady 1,000 KRW to $1 for the last decade, that low rate really hit me in the face. It’s kind of ironic that it did, though. I grew up in the mid-90s, where it was 800 KRW to $1. But then the 1997 Asian Financial Crisis aka IMF Crisis occurred, and I remember the won rate going up high as 1,800 KRW to $1. Of course I didn’t really understand the implication of such things. All I know is that it was good for us Americans to exchange USD to KRW. Sadly to say, I still do believe in that since my main source of income are in dollars. However, today proved to be an insane day in the monetary world. At least for me.

I was at work, and a bunch of Korean ahjummas were talking about the won rate, how it had gone up to about 1,400 KRW. I interrupted their conversations and asked for clarifications. From that moment, I had the spontaneous idea to call my dad to get some physical funds for me to go exchange today. (He has an easier access to the bank than I do, so it makes sense for him to give me the money, and I’ll transfer the amount electronically).

I paid a trip to a money exchange place in my neighbourhood. I found out that the exchange rate had fallen a bit to 1,370 KRW, which is still an amazing figure. For $300, the total amount would come up to 411,000 KRW, as oppose to the 300,000 KRW when the exchange rate was 1,000 KRW to $1. Even though I was expecting the high exchange rate, I still nearly fell over in disbelief at all the 10,000 KRW bills in my hand and wallet. I was in such a state that I even text messaged a couple of friends on my cellphone, and one of them and I were telling each other how insane this incident was. I mean, just last week, I exchanged some money where it was 1,200 KRW to $1, which was surprising enough, but this was just . . . beyond surprise.

Of course this all isn’t good for the Korean people, and I sympathise, really, but it’s like, I have to watch my back, too, and if I have the opportunity to do something better for myself, then I will take on it! Just like this whole money exchange escapade.

Tags: 1997 asian financial crisis, ahjumma, dollar, economy, finance, imf crisis, korea, seoul, won