BUSINESS – FEC deadline nears

Burma’s Central Bank has announced that all FECs (Foreign Exchange Certificates) must be exchanged at banks handling foreign transactions by 31 March 31 at the latest. A Central Bank official said the FEC equivalent of US$400,000 is still in circulation among the public. Valued at 1 dollar, the FECs came into being in February 1993 as an attempt to maintain government control over foreign currency exchange and service the national debt. It also looked to simplify Burma’s multiple exchange rates which long plagued the country’s economy.