President Vows to Keep Vehicle Imports Open for Sri Lankan Market
President Anura Kumara Dissanayake has announced that there will be no further tax increases or restrictions on vehicle imports. In a stern message, he also criticized those spreading rumors for creating "unnecessary panic" and putting "pressure on the dollar."
Addressing the Parliament, the President sought to provide stability and confidence to the local automotive market and the broader economy, stating that the era of unpredictable import bans is over.
"Some individuals are spreading rumors that we are going to restrict vehicle imports," the President said. "When this happens, even people who are planning to buy a vehicle later on try to purchase one this year. These individuals are actually trying to create pressure on the dollar."
President Dissanayake highlighted the government's commitment to a more open import policy and disclosed that a significant sum of USD 1.26 billion in Letters of Credit (LCs) has already been opened for vehicle imports.
The government projects that the total cost for all vehicle imports will reach between USD 1.5 billion and USD 1.8 billion by the end of the year. This substantial investment, he said, is a key component of the administration's strategy to boost government revenue and meet consumer demand without putting a strain on the country's foreign exchange reserves.
"We will not place any new barriers on the vehicle imports," President Dissanayake stated, emphasizing the government's focus on creating a predictable and business-friendly environment.
