A memo outlining the process under which the importation of vehicles can be resumed in Sri Lanka will be handed over to the Government shortly, the Central Bank of Sri Lanka announced.
Governor of the bank Ajith Nivard Cabraal revealed that several suggestions have been made on the resumption of imports.
Suggestions have been made to use one’s own foreign exchange earnings, especially by those employed abroad, and payment of relevant duties for this purpose.
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 pointed out.
The 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-19 pandemic.
The suspension was also imposed with a view to ease traffic congestion, reducing the number of vehicles, environmental pollution, and fuel imports in Sri Lanka. (NewsWire)