Myanmar to abolish foreign exchange certificates in 2013

According to an article on Mizzima dated 9 August 2012, Maung Maung Win, the vice chairman of the Central Bank of Myanmar, said that the bank will abolish foreign exchange certificates (FEC) “as soon as possible,” most likely in March 2013. “Earlier, it was difficult to use dollars in Burma, so we issued the FEC as an equivalent to the dollar as a type of currency to be used in Burma.” Presently, Burma allows both dollars and FECs (BFX101a – BFX104a), which are pegged at different exchange rates. Currently, the government is drafting a new foreign currency management law allowing all foreign currencies to be exchanged freely.

Courtesy of Aidan Work.

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