exchange rates
By imlucky
@imlucky (128)
Qatar
January 31, 2008 12:14am CST
i've been working for nearly a year now and it pains me to see that exchange rates are going down very fast..i'm remiting money to the philippines and every month exchange rate is going down. can somebody tell me why is this happening? is it because of what's going in the philippines? can the dollar (exchange rate) be fixed? how about if all the overseas contract workers make "something" to steady the exchange rate???
2 responses
@maximax8 (31046)
• United Kingdom
7 Feb 08
Exchanges rates do tend to change every day. It is to do with trade and the US dollar is usually a strong currency. I have been to the USA when I have not got a very good rate of exchange. It was annoying but there was not anything I could have done about it. When I was aged 19 to 20 I worked in a shipping office. The exchange rate mattered a lot. The person doing my job before me lost the company £10,000. So my colleague checked for mistakes before the rate was worked out. It could be chosen from say Tuesday or Wednesday for example and always the best rate was taken. Good luck.
@raijin (10345)
• Philippines
31 Jan 08
I think it has something to do about the world market, the oil price increase and other crisis happening on each part of the world.
As the Philippine government would say, it's because our economy was going strong -for me that's only half of the truth. My father and brother were also working abroad, their remittance do not suffice the family much. I believe that it was overseas workers who gives the biggest share in making our economy raise up, but it also affects the dollar remittances since the peso gets higher and that's where families of these overseas workers gets affected.
There's nothing we can do, since you also have to think of what to give to your family for them to spend for..
@imlucky (128)
• Qatar
4 Mar 08
yes, i agree that it has something to do with the world market..but let's face it in the philippines the peso also increases it's value because of the remittances coming from overseas workers..phil.gov't should at least make a compensation for the overseas workers for their contribution in the country (if they really cannot stabilize the exchange rate)..isn't it??