Exports sector raises concerns by LKR’s appreciation against USD

The appreciation of the Sri Lanka rupee against the US dollar is claimed to be creating big problems for garments and other exports.

Deputy president of the joint apparel associations forum Felix Fernando said this is having a major impact on their rupee spendings, including electricity and water bill payments.

Furthermore, more money has to be spent on salaries after increases were given to the workforce due to a high cost of living, he said.

Fernando urged the Central Bank to mediate and prevent a further depreciation of the dollar and keep it at between Rs. 310 and Rs. 315 to bring some relief for the entire export sector.