SL apparel exporters challenge Central Bank, saying apparel membership is fully compliant with export repatriation laws

Joint Apparel Association Forum (JAAF), the apex body of Sri Lanka’s apparel manufacturing and exporting industry, similar to the National Chamber of Exporters (NCE) is challenging the data presented by the Central Bank (CB) that exporters are not remitting their export earnings.

 “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”.

In a statement, JAAF said member companies has and will continue to comply with the existing regulations and will continue to complement all efforts of the CB and Government in providing much needed assistance to all stakeholders of the economy, under these very challenging circumstances.

Apparel is Sri Lanka’s single largest foreign income earner, contributing 6 per cent 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.

The CB this week accused some exporters of holding onto their export proceeds without repatriating it to the country, a charge that was earlier on Tuesday rejected by the National Chamber of Exporters (NCE).