10 Dollars Foreign Exchange Certificate

Myanmar's Foreign Exchange Certificates were introduced in 1993 as a mechanism to capture hard currency from tourists and businesses while keeping US dollars out of the parallel market — which was, at the time, offering exchange rates dramatically more favorable than the official rate. The FECs were denominated in dollars but issued by the Central Bank, creating a proxy currency that foreigners were required to obtain upon entry.

In practice, the system failed to suppress the black market and was widely resented. FECs were eventually abolished in 2003 when the government moved toward limited exchange rate reform.