Central Bank and government have not imposed limits on vehicle imports – CBSL Governor

The Central Bank and the government have not imposed any limits on vehicle imports.

- By Hiran H. SENEWIRATNE

Referring to this the International Monetary Fund (IMF) earlier this month said that high-frequency data have suggested a steady growth in motor vehicle imports after the removal of import restrictions on February 1. Around US $ 675 million in letters of credit for vehicles were opened by June 10, Central Bank Governor Dr. Nandalal Weerasinghe said.

“There is no concern from the Central Bank on vehicle imports to Sri Lanka. There is no limit and the open market will continue for vehicle imports. The Central Bank, before vehicle reimports started, informed the Finance Ministry that the country could import up to US $ 1 billion worth of vehicles this year, Dr. Weerasinghe told reporters at a post-monetary policy media conference at the Central Bank auditorium yesterday in Colombo.

He said that the Central Bank will keep its policy rate unchanged at 7.75 percent.