Monday Feb 24, 2025
Monday Feb 24, 2025
Friday, 15 October 2021 00:30 - - {{hitsCtrl.values.hits}}
The Central Bank (CB) said yesterday it will send a memo to the Government shortly outlining how the importing of motor vehicles could be resumed if it wishes to.
CBSL Governor Nivard Cabraal said there have been several suggestions to resume imports, including using one’s own foreign exchange earnings, especially by those employed abroad and payment of relevant duties.
“This way we can ensure an inflow of foreign exchange, collection of Government revenue as well as checkmating an emergence of an unhealthy bubble in the vehicle market,” Cabraal added.
Import of motor vehicles has been suspended for over one-and-a-half years as part of measures to conserve scarce foreign exchange reserves amidst the COVID pandemic as well as easing traffic congestion, reducing the number of vehicles, environmental pollution and fuel imports.
In the first seven months of this year, personal vehicles imports amounted to $ 6.7 million, down by 97.6% from $ 279 million in the corresponding period of last year. In 2020, imports amounted to $ 283 million, down by 65% from $ 816 million in 2019.
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