Foreign exchange certificate
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A foreign exchange certificate, sometimes abbreviated to FEC, is a type of currency. Foreign exchange certificates are sometimes used by governments as a surrogate for a national currency, where the national currency is usually subject to exchange controls or is not convertible. Most examples of foreign exchange certificate have an exchange rate higher than the national currency, being either pegged to a hard currency, or their exchange rate determined by the central bank.
Some countries which have employed FECs in the past include:
- Soviet Union
- China
- Myanmar
- East Germany (forum checks, pegged to the West German Deutsche Mark)
- Ghana - it was illegal to import and export Ghanaian cedi banknotes (around 1980)
- North Korea
- Cuba (Today's convertible peso, to an extent, is a form of FEC)
- Czechoslovakia (Tuzex)
- Bulgaria (Corecom)
- Poland
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