Mar 22, 2013

Myanmar announces period for exchanging abolished FEC with foreign currencies

The Central Bank of Myanmar has announced an initial period of 90 days for exchanging abolished Foreign Exchange Certificate (FEC) with foreign currencies or local currency Kyat starting on April 1, official media reported Friday.

FEC, which has been put into circulation in place of U.S. dollar for two decades, will be terminated for use on July 1.

The period of exchange is extendable to March 31, 2014 for those who fail to do so during the initial exchange period for special reason, said the report.

On Wednesday, Myanmar's parliament approved the proposal for abolishing FEC which was first introduced in 1993.

There had been a total of 30.92 million units of FEC (1 FEC unit = 1 U.S. dollar) in circulation as of December 2012, according to the central bank.

Source: Xinhua


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