New Scheme to Import Vehicles?

By Thameenah Razeek | Published: 2:00 AM Oct 27 2021

By Thameenah Razeek

The Government yesterday hinted at introducing alternative measures to resume vehicle importation in the first quarter of 2022. Addressing the weekly Cabinet Media briefing, Co-Cabinet Spokesman Dr. Ramesh Pathirana said the Central Bank of Sri Lanka will announce an alternative scheme in the future in which importers will be able to open a Letter of Credit (LC) and US dollars will be sent from a source other than the Sri Lankan Government for that purpose, until the Government lifts the restriction on vehicle imports. 

He said if foreign reserves and dollar income grow, the Government will be able to lift the restriction on vehicle imports within three to four months. “We acknowledge that some people have lost their jobs as a result of the prohibition on vehicle imports. 

This is primarily due to the Government’s foreign currency shortage over the last few months. However, there is no change in the decision for the time being. If we are able to attract US dollar incomes in the future, we will be able to reverse the decision,” he said.

By Thameenah Razeek | Published: 2:00 AM Oct 27 2021

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