Borrowed Canadian Money and paying back in US
My husband borrowed Canadian money from his relative to pay for his American education. At the time the Canadian dollar was .50:1. Now the exchange rate is 1:1 and we are paying back the debt in US dollars. Does this mean that we owe twice as much?
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The all time low on the Canadian dollar was 61.79 US cents on Jan 21, 2002.
Yes, it will now cost you about US.01 to pay back a Canadian dollar, if when you borrowed you agreed to pay in their currency.
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