According to the Wall Street Journal on Tuesday, the South Korean Won jumped to its highest level in 15 months. The Journal explained the reason for the rise. This explanation promptly reminded me that the finer points of economics makes my eyes cross. For details, check out the Journal‘s article here.
The short of it is that compared to the US dollar the Won is starting to look like it did when we first arrived in Gwangju in August 2007 when we got an amazing exchange rate. According to http://www.themoneyconverter.com/ today, the South Korean Won looks like this:
1 USD = 1,123.6 KRW
1,000 KRW = 0.89 USD
So if you were transfering back 1,000,000 won tomorrow to put into your savings account or to your son or daughter studying abroad, you could expect it to be around $890 before the bank’s fees.
For those sending money to the US things are only looking better in the Won’s forecast. According to http://forecasts.org/won.htm the Won is expected to get even stronger over the next couple of months. At 1,096 won to $1 by June.