New NCE President, Secretary General and officials make courtesy call on CB Governor

The new NCE President Ramal Jasinghe accompanied by Secretary General Shiham Marikar, and relevant officials made a courtesy call Central Bank Governor Dr. Indrajith Coomaraswamy recently.

They apprised him regarding the services provided by the chamber to Sri Lankan exporters, and particularly the proposed program of work of the chamber in the current year.

The officials of the NCE, the only chamber which exclusively serves Sri Lankan exporters, held a brief discussion with the Governor and key officials of the Central Bank to exchange views on the current export related economic development scenario, and related issues which have an impact on external trade, particularly in the context of the important role played by the Central Bank of Sri Lanka.   

During the discussion the Governor expressed the view that most exporters do not adequately convey their reactions to the policy formulations of State agencies, in relation to their needs and expectations.   It was stated that the exporter community for instance have made little or no comment so far on the flexible exchange rate policy adopted by the Government, and currency fluctuations related to its impact on their businesses. 

In this regard Deputy Governor Dr. Nandalal Weerasinghe added that the website of the Central Bank provides valuable information on policy directions including the day to day currency movements. As such the bank welcomed the support of the chamber by creating awareness among its members regarding the ready availability of such information to facilitate their business strategies, by linking with the website of the Central Bank.

The discussion also centered on the presence of Sri Lankan exporters and manufacturers in ‘International Value Chains’ related to trade. It was noted that in the modern trade in scenario, over and above direct exports, participation in value chains through the supply of intermediate products, components, and services, forms and integral part of value addition to products and services supplied by developing countries. Since these value chains are an integral part of intra-regional trade, including the Asian region, Sri Lankan exporters have great opportunities to participate in such value chains for economic gain.  

The Central Bank welcomed an opportunity for the Deputy Governor to address member exporters of the chamber through a suitable forum to explain the role played by the Central Bank in international trade, and related services, rationale for the policy adopted in regard to exchange rates.