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 (until March 2013)
- 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
Other articles related to "foreign, foreign exchange, exchange":
... of America, Britain, and Japan, looting nearly every foreign property and almost assassinating the Japanese consul ... outlawing private ownership of gold, silver, and foreign exchange, collecting all such precious metals and foreign exchange from the people and issuing the Gold Standard Scrip in exchange ...
Famous quotes containing the words certificate, foreign and/or exchange:
“God gave the righteous man a certificate entitling him to food and raiment, but the unrighteous man found a facsimile of the same in God’s coffers, and appropriated it, and obtained food and raiment like the former. It is one of the most extensive systems of counterfeiting that the world has seen.”
—Henry David Thoreau (1817–1862)
“There can only be one Commander-in-Chief. In these times, crises cannot be managed and wars cannot be waged by committee. To the ears of the world, the President speaks for the nation. While he is of course ultimately accountable to Congress, the courts, and the people, he and his emissaries must not be handicapped in advance in their relations with foreign governments as has sometimes happened in the past.”
—Gerald R. Ford (b. 1913)
“Development, it turns out, occurs through this process of progressively more complex exchange between a child and somebody else—especially somebody who’s crazy about that child.”
—Urie Bronfenbrenner (b. 1917)