The deadline for exchanging Foreign Exchange Certificates (FEC) for US Dollars or kyat has been put back to March 31 2014, the Central Bank of Myanmar has said.
FEC holders who wish to exchange their certificates, which are equivalent to US Dollars, must submit a written letter with a reason explaining why they were not able to meet the original deadline of June 30.
FEC was first introduced in 1993, but in March this year the Myanmar government approved the proposal to abolish the FEC.
“Foreign exchange rates alter if we use FEC as a medium. The exchange programme will phase out the FEC,” said U Win Shein, minister for Finance and Revenue.
As of December 2012, there were 30.92 units of FEC (1 FEC = $1) in circulation in Myanmar, according to the central bank.
FEC Holders Given New Deadline to Exchange
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