I didn't truly think about exchange rates until I studied abroad in Chile. Spending several months there, I realized that it did actually make a difference how many pesos I could get for my dollar. Even then, though, the effect of fluctuating exchange rates was small and really only impacted my expenses on trips across the continent that I was lucky to be able to take.
Since arriving in Malawi, my interest in exchange rates has increased dramatically. In all honesty, the rate still doesn't really affect me very much, but I find the fluctuations more interesting. I even have a "MWK" bookmark on my browser that lets me check the dollar to kwacha exchange rate throughout the week.
Just a few months ago, the exchange rate was around 450 kwacha per dollar. Since I arrived in Malawi, though, the rate has fluctuated between 550 and 600 kwacha per dollar, and as I write this the rate is 574.83. As an expat with a bank account in dollars, this is good for me - prices have stayed roughly the same, but I get more kwacha for my dollars, essentially bringing the prices down. For Malawians, however, this is yet another instance of watching their economy struggle.
The vast majority of people who work for UNC Project are Malawian and most of them receive salaries in kwacha. Given the state of the economy, however, there has been increasing discussion of having the salaries be pegged to the dollar, which may provide more stability for Malawian employees in the future. Each project at UNC was tasked with having a "sensitization" regarding what it would mean to get salaries based on dollars and have employees vote on their preferences.
Last week, at the end of our team meeting, it was decided that everyone would stay to have the sensitization talk. The project manager suggested that the discussion be conducted in Chichewa to ensure that everything was understood.
I felt uncomfortable. On the one hand, I wanted to witness the talk, since I was curious how people would respond. Even if I couldn't understand most of what they were saying, I could still read body language. On the other hand, though, I was the only white person in the room and was told, "You can leave or stay" when the talk began. It was acknowledged that this issue wouldn't affect me, highlighting again the difference between myself and my coworkers.
I stayed - partially out of curiosity, partially because where I was seated meant it would be difficult for me to leave without disrupting everyone, and partially just because the project manager started talking before I could make a decision. I considered pulling out my iPhone or Mac computer to do work, since I could only understand bits and pieces of what the project manager was saying. The thought of further highlighting the disparity, though, was enough for me to take out my notebook and pen and zipper my other belongings in my bag for the rest of the talk. I suppose I had emails I could have responded to, but journaling seemed like a better idea.
I thought about the ring I wear that reads, "you are not a number." I've worn the ring for several years as a reminder to not define myself by things like weight or GPA. This discussion gave another meaning to the ring though - being defined and confined by a salary and what it is actually worth.
Many of my coworkers not only support their families in Lilongwe but also their extended families in their home villages. With the cost of living increasing and salaries remaining stagnant, people have been struggling.
I've witnessed the passive nature of most Malawians and expected few people to speak during the meeting despite their concerns. There were 14 Malawians in the room, though, and 12 of them contributed to the 15-minute discussion. It was a lively debate with pauses in the conversation that lasted no more than 3 seconds. Despite my lack of understanding of the language they were speaking, I still felt like I could understand a lot of their feelings.
In the end, the piece of paper to record the results wasn't passed to me. Before leaving the room, though, I snuck a peak at it. The "Dollar" column was full and there wasn't one check in the "Kwacha" column, demonstrating that each person in the room had more confidence in the dollar than in their own currency.
Since arriving in Malawi, my interest in exchange rates has increased dramatically. In all honesty, the rate still doesn't really affect me very much, but I find the fluctuations more interesting. I even have a "MWK" bookmark on my browser that lets me check the dollar to kwacha exchange rate throughout the week.
Just a few months ago, the exchange rate was around 450 kwacha per dollar. Since I arrived in Malawi, though, the rate has fluctuated between 550 and 600 kwacha per dollar, and as I write this the rate is 574.83. As an expat with a bank account in dollars, this is good for me - prices have stayed roughly the same, but I get more kwacha for my dollars, essentially bringing the prices down. For Malawians, however, this is yet another instance of watching their economy struggle.
The vast majority of people who work for UNC Project are Malawian and most of them receive salaries in kwacha. Given the state of the economy, however, there has been increasing discussion of having the salaries be pegged to the dollar, which may provide more stability for Malawian employees in the future. Each project at UNC was tasked with having a "sensitization" regarding what it would mean to get salaries based on dollars and have employees vote on their preferences.
Last week, at the end of our team meeting, it was decided that everyone would stay to have the sensitization talk. The project manager suggested that the discussion be conducted in Chichewa to ensure that everything was understood.
I felt uncomfortable. On the one hand, I wanted to witness the talk, since I was curious how people would respond. Even if I couldn't understand most of what they were saying, I could still read body language. On the other hand, though, I was the only white person in the room and was told, "You can leave or stay" when the talk began. It was acknowledged that this issue wouldn't affect me, highlighting again the difference between myself and my coworkers.
I stayed - partially out of curiosity, partially because where I was seated meant it would be difficult for me to leave without disrupting everyone, and partially just because the project manager started talking before I could make a decision. I considered pulling out my iPhone or Mac computer to do work, since I could only understand bits and pieces of what the project manager was saying. The thought of further highlighting the disparity, though, was enough for me to take out my notebook and pen and zipper my other belongings in my bag for the rest of the talk. I suppose I had emails I could have responded to, but journaling seemed like a better idea.
I thought about the ring I wear that reads, "you are not a number." I've worn the ring for several years as a reminder to not define myself by things like weight or GPA. This discussion gave another meaning to the ring though - being defined and confined by a salary and what it is actually worth.
Many of my coworkers not only support their families in Lilongwe but also their extended families in their home villages. With the cost of living increasing and salaries remaining stagnant, people have been struggling.
I've witnessed the passive nature of most Malawians and expected few people to speak during the meeting despite their concerns. There were 14 Malawians in the room, though, and 12 of them contributed to the 15-minute discussion. It was a lively debate with pauses in the conversation that lasted no more than 3 seconds. Despite my lack of understanding of the language they were speaking, I still felt like I could understand a lot of their feelings.
In the end, the piece of paper to record the results wasn't passed to me. Before leaving the room, though, I snuck a peak at it. The "Dollar" column was full and there wasn't one check in the "Kwacha" column, demonstrating that each person in the room had more confidence in the dollar than in their own currency.