LCs worth $150 million opened for vehicle imports
As of Monday (March 10) Letters of Credit (LC’s) worth US$150 million have been opened for the importation of vehicles from February this year, revealed President Anura Kumara Dissanayake.
Speaking at the 26th Anniversary of the Chamber of Young Lankan Entrepreneurs (COYLE) held at the Shangri-La Hotel in Colombo on Monday, Mr. Dissanayake said they were also closely monitoring the vehicle import data from the banking system on a daily basis.
Five years ago the rupee value against the US dollar was Rs 180, today it is Rs. 300. The high prices of imported vehicles are due to the rupee depreciation over the years and prices of vehicles increasing globally, he added. Mr. Dissanayake noted that according to data, the highest number of vehicle imports was recorded in 2018 worth $1950 million and in 2019 it was $900 million. He also assured that the government would not reintroduce import controls on vehicles.
He also mentioned that Sri Lanka has to start repaying the loans from 2028. “We have a grace period of three years from now. In every decision we make during the three years, we must be mindful that we do not make any grave mistake. We can’t play around with the economy in the state it is today. Every decision we make as a government while discussing with the Ministry of Finance and Central Bank is vital and of great importance for the economy of the country. The country cannot afford to make the same mistakes as in the past.”
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