Deputy Minister of Economic Development, Prof. Anil Jayantha Fernando, has shed light on the future procedure for vehicle imports, highlighting the influence of foreign reserve constraints on the process.
During a Cabinet press briefing, Prof. Fernando explained that vehicle imports will be permitted under specific categories, focusing primarily on commercial vehicles. These imports will be carefully managed within the framework of foreign exchange restrictions, considering the country’s foreign reserve levels.
“The current foreign reserves, amounting to a significant USD 6.4 billion, have been prudently assessed, and an additional Reserve Buffer has been established by the Central Bank of Sri Lanka (CBSL),” the deputy minister stated. He added that vehicle imports would be implemented in stages, prioritizing essential categories while adhering to these financial constraints.
Prof. Fernando emphasized that the phased approach will consist of three stages, aligning with the government’s economic stabilization efforts. He also underscored the importance of maintaining economic stability while allowing market mechanisms to operate effectively.