Vehicle Imports: Update from Central Bank Governor

Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, states that granting permission for vehicle imports is a policy decision of the government, and the Central Bank has the capability to manage the necessary foreign exchange when relaxing the existing vehicle import restrictions.

The Central Bank Governor further stated that the government has gradually relaxed vehicle import restrictions, allowing vehicle imports for necessities such as tourism and commercial activities.

The State Minister of Finance also recently commented that permission for vehicle imports will be gradually relaxed in the future through a proper mechanism.

Accordingly, despite vehicle import restrictions being in place, the government had granted permission during the past period, under limited orders, for vehicle categories such as tourist, passenger, goods transport, and ambulances, as well as for migrant workers to import electric vehicles based on the amount of foreign currency they sent to the country.

It was due to the decline in Sri Lanka's foreign reserves and the economic crisis caused by the COVID pandemic that the Central Bank of Sri Lanka decided to suspend the import of vehicles and non-essential goods in March 2020.