Deputy Minister reveals procedure for importing vehicles
November 26, 2024 02:38 pm
Deputy Minister of Economic Development Prof. Anil Jayantha Fernando clarified the procedure for importing vehicles in the future, emphasizing the role of foreign reserve limitations in the process.
Speaking at the Cabinet press briefing, the deputy minister outlined that vehicle imports will be allowed under several specific categories, particularly for commercial vehicles. These imports will be regulated within the framework of foreign exchange restrictions, with due consideration of the country’s reserve levels.
He further elaborated, stating, “The current foreign reserves, which have reached a substantial USD 6.4 billion, have been carefully accounted for, and additional Reserve Buffer have been established by the Central Bank of Sri Lanka (CBSL). Vehicle importation will proceed in phases, prioritizing essential categories and adhering to these limitations.”
The process will follow a systematic approach, phased across three stages, aligning with the ongoing economic stabilization program, Prof. Fernando emphasized, noting the importance of maintaining stability while allowing the market mechanism to function effectively.
