The Central Bank of Sri Lanka has no intention of placing restrictions on vehicle imports, Governor Dr. Nandalal Weerasinghe confirmed at a press briefing following the latest monetary policy announcement. According to the Governor, to his knowledge, the government also holds no plans to limit vehicle imports.
“There is no concern from the Central Bank on vehicle imports. There is no limit, and the open market will continue for vehicle imports,” Dr. Weerasinghe stated in response to media queries on Wednesday. He further added, “The government also is not against that idea, as far as I know.”
The remarks come amidst growing speculation following an International Monetary Fund (IMF) update earlier this month, which noted that high-frequency data pointed to a steady rise in vehicle imports after the lifting of restrictions on 1 February 2025. The IMF reported that approximately USD 675 million worth of letters of credit had been opened for vehicle imports by 10 June.
Governor Weerasinghe clarified that prior to the resumption of imports, the Central Bank had informed the Ministry of Finance that the economy had the capacity to support up to USD 1 billion worth of vehicle imports for the year.
The confirmation is likely to reassure automobile industry stakeholders and consumers alike, as the market continues to respond to the easing of import restrictions after years of stringent controls.
