The Central Bank of Myanmar (CBM) 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. There are a total of 31 million units of FEC (1 FEC unit = 1 U.S. dollar) in circulation according to the central bank. The old exchange rate when I went the first time 8 years ago was 6FEC=$1. I wonder which government officials kept FEC’s for a rainy day?
Original Link China.org.cn
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