Finance Ministry, CBSL back phased out vehicle imports

Friday, 8 November 2024 00:20 - - {{hitsCtrl.values.hits}}

Cabinet Spokesman and Minister Vijitha Herath on Tuesday announced that both the Finance Ministry and the Central Bank support controlled vehicle imports.

“The previous administration placed strict restrictions on vehicle imports, but a phased approach has been agreed upon to manage carefully,” he said.

Herath said specifications regarding the import of vehicles will be outlined soon by the Finance Ministry.

He said the initial phase of imports is set to proceed under a regulated framework to balance demand and mitigate foreign exchange impacts.

In 2023, the then Government began a phased reintroduction of vehicle imports for essential sectors, such as health and tourism, under specific conditions.