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| Sunday, 24 April 2005 |
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Business |  |
| News Business Features Editorial
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NCE hails CB
move to help indirect exporters
The Central Bank has permitted indirect exporters to maintain Foreign Currency accounts to deposit payments they receive in foreign currency for their sales of domestically produced or processed finished products to direct exporters. This will help indirect exporters to make payments in foreign currency for imported inputs. Executive Director, National Chamber of Exporters (NCE) Rasa Weerasingham said that the NCE welcomes the move made by the Controller of Exchange. This is an incentive to the exporter. This is one of the recommendations of the committee established to study problems encountered by indirect exporters . The NCE was lobbying for this facility on behalf of indirect exporters. An indirect exporter who wished to remain anonymous welcoming the decision of the Central Bank said that it was long overdue. He said that all goods manufactured in Sri Lanka should be of export quality. There are about 300 indirect exporters in the country and they provide about 100,000 jobs. Since no formal data is available nobody has an account of how many indirect exporters are there in the country. The Central Bank has provided this facility subject to several conditions including IEFCAs should be opened and maintained in respect of an indirect exporter in the Domestic Banking Unit of an Authorised Dealer. The facility of receiving foreign currency to the credit of an IEFCA from a direct exporter for the products supplied by an indirect exporter should be available only to those indirect exporters whose products contain at least 35% of domestic value addition. |
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