Apparel industry says fully compliant with Central Bank’s export repatriation laws

Joint Apparel Association Forum, the apex body of Sri Lanka’s apparel manufacturing and exporting industry yesterday said they welcome measures taken by Central Bank of Sri Lanka in monitoring foreign exchange transactions and outflows. 

“Our members are acutely conscious of the predicament our country is in and we are confident that companies in our membership have been abiding by the law, ensuring that export proceeds are repatriated back. We are committed to easing the burden of the current economic hardship faced by people”. “Member companies have and will continue to comply with the existing regulations and will continue to complement all efforts of CBSL and government in providing much needed assistance to all stakeholders of the economy, under these very challenging circumstances” JAAF emphasised.

Apparel is Sri Lanka’s single largest foreign income earner, contributing 6 percent to the country’s overall GDP. The sector provides direct employment to 350,000 people, while positively impacting the livelihoods of a further 700,000.