CB to announce new vehicle import mechanism

Wednesday, 27 October 2021 00:28 - - {{hitsCtrl.values.hits}}

Despite stating no change in policy to curtail vehicle imports, the Central Bank (CB) is likely to announce a new scheme where vehicles could be brought in without an outflow of foreign exchange from Sri Lanka.

“There is no shift from policy decisions taken, but if we have sufficient foreign inflows and our reserves go up, we should be able to reverse the decision to curtail vehicle imports. Until then, the Central Bank will announce a decision in time to come,” Cabinet Co-Spokesperson Dr. Ramesh Pathirana said yesterday in response to a question at the post-Cabinet meeting media briefing.

As per the Minister, the fresh scheme will allow the opening of Letters of Credit (LCs) where foreign exchange can be sent from another source and not from Sri Lanka.

Dr. Pathirana also acknowledged the loss of jobs and adverse impact on vehicle importers due to Government decisions.

“Hopefully, we will be able to return to normalcy with gradual inflow of foreign exchange earning sectors,” he said.

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