Foreign Exchange Certificate to be abolished

Foreign Exchange Certificate (FEC) which is used in lieu of the US dollar are no longer required.

The FEC was originally introduced by the Central Bank for foreigners to use when travelling within the country.

The value of the FEC will be held as the same value as the US dollar so that holders do not lose money.

A spokesperson for the Foreign Exchange Management Department of the Central Bank said that banks will be able to replace FEC with either USD or Kyat.

Source: Myanmar Times

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