Exporters say will fully comply with regulations on repatriation of proceeds

• Highlights importance of recognising exporters abiding by regulations

The Exporters’ Association of Sri Lanka (EASL) yesterday welcomed the measures taken by the Centra Bank of Sri Lanka (CBSL) as outlined in its communication of July 29 titled ‘Importance of fair play by all stakeholders of the economy in countering the current unprecedented economic crisis’.
The EASL said as a responsible association, 

it would support the CBSL in its measures to “strictly monitor and measure to ensure compliance with all regulations on foreign exchange transactions, including repatriation requirements of export proceeds, conversions and mandatory sales to the CBSL”.

“The EASL is committed to ensuring that its members abide by the requirements of the law in respect of the repatriation of export proceeds and the surrender of residual earnings,” the EASL said. 

“We have communicated this to our membership and willing to support the CBSL in any way possible at this time. It’s important that the exporters abiding by the regulations are recognised by the CBSL and agree that the offending companies should be dealt with under the provisions of the law,” the EASL added.