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5 Dollars Foreign Exchange Certificate
| Issuer | Central Bank of Myanmar |
|---|---|
| Year | 1993 |
| Type | Exchange certificates |
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| Composition | Log in to see details |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | မြန်မာနိုင်ငံတော်ဘဏ်သည် နိုင်ငံခြားငွေလက်မှတ် အမေရိကန်ဒေါ်လာနှင့် ညီမျသည် 5 Equivalent to US$ 5. |
| Reverse description | Log in to see details |
| Reverse lettering | CENTRAL BANK OF MYANMAR FOREIGN EXCHANGE CERTIFICATE FIVE 5 "This certificate can only be used within the Union of Myanmar and is convertible. No claim on any loss whatsoever of the certificate will be considered by the Central Bank of Myanmar." |
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| Comments |
Myanmar's Foreign Exchange Certificates were introduced in 1993 as part of a government policy requiring tourists to exchange a minimum sum of hard currency upon entry — initially set at US$300. The FECs, as they became known, were non-convertible back into foreign currency and could not legally be taken out of the country, trapping visitors' money within a state-controlled spending system. Officially pegged at par with the US dollar, they traded at a significant discount on the parallel market almost immediately.
The scheme was deeply unpopular and widely criticized by human rights organizations as a mechanism funneling tourist dollars directly to the military government. It was abolished in 2003.