Home Myanmar

Myanmar announces period for exchanging abolished FEC with foreign currencies

Mar 22nd at 19:20
22-03-2013 19:20:15+07:00

Myanmar announces period for exchanging abolished FEC with foreign currencies

The Central Bank of Myanmar 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 for those who fail to do so during the initial exchange period for special reason, said the report.

On Wednesday, Myanmar's parliament approved the proposal for abolishing FEC which was first introduced in 1993.

There had been a total of 30.92 million units of FEC (1 FEC unit = 1 U.S. dollar) in circulation as of December 2012, according to the central bank.

xinhuanet

MOST READ

NEWS SAME CATEGORY

Myanmar parliament approves 2013-14 re-drawn state budget
MYANMAR Mar 22nd at 19:17

Myanmar parliament approves 2013-14 re-drawn state budget

Myanmar's parliament Thursday approved a re-drawn state budget bill for the fiscal year 2013-14 put forwarded by the government's Financial Commission, led by...

Myanmar: Banks open up
MYANMAR Mar 20th at 23:41

Myanmar: Banks open up

As part of the rapid liberalisation of Myanmar’s economy, the banking sector is now opening up to foreign participation. The government is enacting reforms to...

ACO Investment plans $700 million in Myanmar private-equity bets
MYANMAR Mar 19th at 11:35

ACO Investment plans $700 million in Myanmar private-equity bets

Myanmar, the Southeast Asian nation that exited 50 years of military rule in 2011, offers investors the best growth opportunity in the region, said Hari Achuthan...

Myanmar's revised budget for 2013-14 seeks approval from parliament
MYANMAR Mar 13th at 15:09

Myanmar's revised budget for 2013-14 seeks approval from parliament

Myanmar's Financial Commission has revised the state budget for the fiscal year 2013-14 with a deficit of 2,926 billion Kyats (3.4 billion U.S. dollars), official...

Myanmar: Investment commission needs to target dirty money, businesses say
MYANMAR Mar 4th at 15:58

Myanmar: Investment commission needs to target dirty money, businesses say

The Myanmar Investment Commission should ensure transparency of all investment by Myanmar citizens because corruption, bribery, tax evasion, arms and drugs...

Western Union expands service to Myanmar
MYANMAR Feb 26th at 22:50

Western Union expands service to Myanmar

Western Union, a leader in global payment services has launched Western Union Money Transfer Services at six banks in Myanmar, for the first time allowing citizens...

U.S. okays dealings with four Myanmar banks
MYANMAR Feb 25th at 15:14

U.S. okays dealings with four Myanmar banks

The Obama administration on Friday eased sanctions on four major Myanmar banks, allowing transactions with them and their access to American financial system.

Trying to avoid typhoons in Vietnam, domestic businesses eyeing Myanmar
MYANMAR Feb 22nd at 21:36

Trying to avoid typhoons in Vietnam, domestic businesses eyeing Myanmar

A lot of Vietnamese businessmen now plan to march towards Myanmar, an emerging potential market, in an effort to seek new markets for their products and to escape...

Myanmar to export timber to EU countries
MYANMAR Feb 21st at 11:31

Myanmar to export timber to EU countries

Myanmar will export its timber to the European Union (EU) countries starting June this year and s delegation of the EU will Myanmar next month to coordinate for the...

Myanmar telecom frontier draw may make it costly: Southeast Asia
MYANMAR Feb 18th at 22:28

Myanmar telecom frontier draw may make it costly: Southeast Asia

Myanmar’s promise as a rare opportunity to tap an undeveloped telecommunications market may prove to be a costly affair for the license winners.

Read More

MOST READ

Back To Top