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‘Members fully compliant with export repatriation laws’

03 Aug 2022

  • JAAF says member companies will continue to comply
The Joint Apparel Association Forum (JAAF) said it welcomes measures taken by the Central Bank of Sri Lanka (CBSL) in monitoring foreign exchange transactions and outflows, stating that its members are fully compliant with the CBSL’s rules.  “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,” JAAF stated. Apparel exports constitute Sri Lanka’s single largest foreign income earner, contributing 6% to the country’s overall gross domestic product (GDP). The sector provides direct employment to 350,000 people, while positively impacting the livelihoods of a further 700,000.  “Member companies have and will continue to comply with the existing regulations and will continue to complement all efforts of the CBSL and Government in providing much-needed assistance to all stakeholders of the economy, under these very challenging circumstances,” JAAF emphasised. JAAF is the apex body for Sri Lanka’s apparel industry, and seeks to guide it towards being the world’s number-one apparel-sourcing destination. JAAF represents five associations that cover supply chain partners, export-oriented apparel manufacturers, buying offices, and representatives of international brands in Sri Lanka.


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