The Reverend Rho Kyu Seok was all ready to further his studies at Fuller Theological Seminary in the United States when he was stopped in his tracks by the global financial storm.
The missionary, who is back home on furlough, had secured his admission and student visa and had made plans to enrol his two children, aged six and seven, in public schools in the US.
Now, his plan has been put on hold indefinitely.
'There is no way I can afford to go to the US now, in view of the won's plummeting value against the US dollar,' said the 35-year-old with a sigh.
'Everything from school fees to accommodation and living expenses has become at least 30per cent more expensive.'
Earlier, he had budgeted 2.7million won a month for living expenses and accommodation for his family of four. That would have given him about US$2,700 in April - enough to live on in the US. Now he can get only US$1,800 (S$2,640).
The Korean won is among Asia's worst performing currencies and before this week's jump in value, had dropped by some 35per cent against the greenback this year.
'I do not even bother to check the foreign exchange rate any more,' said Rev Rho. 'It dampens my spirits.'
He does not have a regular salary and depends mainly on savings and support from well-wishers.
In this downturn, the amount he receives has also dwindled as some of his supporters have reduced their financial aid.
While he declined to reveal the amount he receives every month, he said it has dropped by 40per cent over the past two months.
'It is a double whammy and I am still reeling from the sudden turn of events,' he said. 'I have yet to see the light at the end of the tunnel, but I hope it will come sooner rather than later.'
This article was first published in The Straits Times on November 02, 2008.
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