Exporters welcome CB rules on full compliance of repatriation of export proceeds

The Exporters’ Association of Sri Lanka (EASL) says its members are committed to support the Central Bank (CB) in ensuring compliance with regulations on repatriation of export proceeds

It welcomed the measures taken by the CB, as outlined in CB’s communication of July 29 titled “Importance of Fair Play by all Stakeholders of the Economy in countering the current unprecedented economic crisis”. In that statement, the CB accused some exporters of not remitting their proceeds and warned that such activity violates current laws.

As a responsible association, the EASL said it supports the CB in its measures to “strictly monitor and measure ensure compliance with all regulations on foreign exchange transactions, including repatriation requirements of export proceeds, conversions and mandatory sales to the CB”.

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